Goldman Sachs ETF Trust (GPRF) NPORT-P Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (Nov 2024 report)

GOLDMAN

SACHS

ACCESS

EMERGING

MARKETS

USD

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

–

82.3%

Angola

–

1.0%

Angolan

Government

International

Bond

(

B-

/

B3

)

$

395,000

8.750

%

04/14/32

$

354,512

400,000

9.125

11/26/49

327,500

682,012

Armenia

–

0.2%

Republic

of

Armenia

International

Bond

(

NR

/

Ba3

)

200,000

3.600

02/02/31

166,666

Bahamas

–

0.3%

Bahamas

Government

International

Bond

(

B+

/

B1

)

200,000

8.950

10/15/32

208,750

Bahrain

–

2.5%

Bahrain

Government

International

Bond

(

B+

/

B2

)

200,000

5.625

09/30/31

190,543

200,000

6.250

01/25/51

171,000

225,000

5.625

05/18/34

208,395

200,000

7.500

09/20/47

200,118

550,000

7.000

01/26/26

556,105

200,000

6.000

09/19/44

170,500

UAE

Government

International

Bond

(

B+

/

B2

)

225,000

7.375

05/14/30

236,198

1,732,859

Brazil

–

4.6%

Brazilian

Government

International

Bond

(

BB

/

Ba1

)

200,000

6.125

03/15/34

198,000

200,000

7.125

05/13/54

200,500

200,000

3.750

09/12/31

177,750

200,000

7.125

01/20/37

214,500

270,000

5.000

01/27/45

214,313

210,000

4.500

05/30/29

202,125

200,000

3.875

06/12/30

181,750

779,000

6.000

10/20/33

777,052

585,000

5.625

01/07/41

529,425

300,000

4.625

01/13/28

297,375

200,000

5.625

02/21/47

170,250

3,163,040

Chile

–

3.1%

Chile

Government

International

Bond

(

A

/

A2

)

200,000

5.330

01/05/54

196,284

200,000

2.450

01/31/31

175,033

210,000

3.125

01/21/26

205,894

600,000

3.500

01/31/34

535,143

200,000

2.550

07/27/33

166,657

200,000

4.000

01/31/52

159,924

200,000

3.100

01/22/61

128,140

225,000

3.250

09/21/71

144,681

400,000

3.240

02/06/28

382,430

2,094,186

China

–

2.1%

China

Government

International

Bond

(

A+

/

A1

)

632,000

1.200

10/21/30

543,164

400,000

1.250

10/26/26

379,449

200,000

2.750

12/03/39

167,571

200,000

1.750

10/26/31

173,289

200,000

3.500

10/19/28

197,206

1,460,679

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

(Continued)

Colombia

–

5.1%

Colombia

Government

International

Bond

(

BB+

/

Baa2

)

$

460,000

3.000

%

01/30/30

$

387,890

500,000

3.125

04/15/31

405,167

550,000

5.000

06/15/45

392,931

400,000

8.000

04/20/33

418,843

500,000

6.125

01/18/41

423,364

275,000

5.625

02/26/44

213,813

250,000

3.250

04/22/32

196,817

200,000

8.750

11/14/53

212,000

200,000

7.375

09/18/37

196,978

500,000

4.125

05/15/51

304,375

400,000

5.200

05/15/49

284,000

3,436,178

Costa

Rica

–

1.6%

Costa

Rica

Government

International

Bond

(

BB-

/

Ba3

)

450,000

6.125

02/19/31

456,188

400,000

7.158

03/12/45

422,500

200,000

6.550

04/03/34

206,250

1,084,938

Dominican

Republic

–

4.7%

Dominican

Republic

International

Bond

(

BB

/

Ba3

)

200,000

5.500

02/22/29

196,500

225,000

4.500

01/30/30

210,656

200,000

6.400

06/05/49

198,250

175,000

7.450

04/30/44

192,063

425,000

6.000

07/19/28

427,125

450,000

4.875

09/23/32

414,000

300,000

5.875

01/30/60

270,375

225,000

6.850

01/27/45

232,313

150,000

6.875

01/29/26

152,062

150,000

6.000

02/22/33

148,687

150,000

6.500

02/15/48

149,625

150,000

5.300

01/21/41

132,750

450,000

5.950

01/25/27

451,688

3,176,094

Ecuador

–

1.5%

Ecuador

Government

International

Bond

(a)

(

B-

/

Ba3

)

850,000

5.500

07/31/35

471,750

450,000

6.900

07/31/30

307,125

450,000

5.000

07/31/40

227,813

1,006,688

Egypt

–

4.1%

Egypt

Government

International

Bond

(

B-

/

Caa1

)

200,000

7.300

09/30/33

172,297

200,000

7.053

01/15/32

175,203

200,000

7.500

01/31/27

199,250

200,000

3.875

02/16/26

191,970

200,000

6.588

02/21/28

191,406

350,000

7.625

05/29/32

314,981

450,000

8.500

01/31/47

363,375

200,000

7.500

02/16/61

144,500

200,000

8.875

05/29/50

166,000

200,000

8.700

03/01/49

163,500

200,000

7.903

02/21/48

153,250

300,000

5.800

09/30/27

284,041

134,000

6.875

04/30/40

100,333

GOLDMAN

SACHS

ACCESS

EMERGING

MARKETS

USD

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

(Continued)

Egypt

–

(continued)

Egypt

Government

International

Bond

,

Series

RegS

(

B-

/

Caa1

)

$

205,000

5.875

%

02/16/31

$

173,873

2,793,979

Guatemala

–

1.1%

Guatemala

Government

Bond

(

BB

/

NR

)

225,000

3.700

10/07/33

186,469

200,000

6.600

06/13/36

203,000

200,000

4.500

05/03/26

196,750

200,000

6.125

06/01/50

184,250

770,469

Honduras

–

0.5%

Honduras

Government

International

Bond

(

BB-

/

B1

)

350,000

6.250

01/19/27

340,812

Indonesia

–

3.8%

Indonesia

Government

International

Bond

(

BBB

/

Baa2

)

400,000

4.650

09/20/32

389,703

423,000

3.550

03/31/32

385,624

325,000

7.750

01/17/38

402,928

275,000

3.050

03/12/51

189,001

200,000

3.850

07/18/27

195,188

225,000

4.200

10/15/50

191,120

200,000

4.300

03/31/52

171,541

200,000

4.450

04/15/70

168,986

125,000

8.500

10/12/35

158,860

350,000

2.850

02/14/30

317,450

2,570,401

Ivory

Coast

–

0.9%

Ivory

Coast

Government

International

Bond

(

BB

/

Ba2

)

426,000

6.125

06/15/33

388,725

200,000

8.250

01/30/37

200,110

588,835

Jamaica

–

1.3%

Jamaica

Government

International

Bond

(

BB-

/

B1

)

500,000

7.875

07/28/45

593,125

300,000

6.750

04/28/28

312,000

905,125

Jordan

–

1.5%

Jordan

Government

International

Bond

(

BB-

/

Ba3

)

200,000

7.500

01/13/29

204,787

350,000

5.850

07/07/30

333,228

250,000

7.750

01/15/28

257,091

Jordan

Government

International

Bond

,

Series

RegS

(

BB-

/

Ba3

)

200,000

6.125

01/29/26

199,469

994,575

Kazakhstan

–

0.6%

Kazakhstan

Government

International

Bond

(

BBB-

/

Baa1

)

200,000

4.875

10/14/44

187,432

225,000

6.500

07/21/45

250,625

438,057

Kenya

–

1.3%

Republic

of

Kenya

Government

International

Bond

(

B-

/

Caa1

)

200,000

8.000

05/22/32

184,000

200,000

8.250

02/28/48

168,250

350,000

7.000

05/22/27

346,500

200,000

6.300

01/23/34

160,540

859,290

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

(Continued)

Kuwait

–

0.6%

Kuwait

International

Government

Bond

(

A+

/

NR

)

$

400,000

3.500

%

03/20/27

$

389,892

Mexico

–

3.2%

Mexico

Government

International

Bond

(

BBB

/

Baa2

)

200,000

6.338

05/04/53

188,094

200,000

6.000

05/07/36

195,801

200,000

6.400

05/07/54

189,512

200,000

3.750

01/11/28

192,403

600,000

4.875

05/19/33

555,823

325,000

4.500

04/22/29

315,143

150,000

5.550

01/21/45

136,268

50,000

6.050

01/11/40

48,620

Mexico

Government

International

Bond

,

MTN

(

BBB

/

Baa2

)

175,000

7.500

04/08/33

195,827

150,000

4.750

03/08/44

121,049

50,000

8.300

08/15/31

59,381

2,197,921

Morocco

–

1.1%

Morocco

Government

International

Bond

(

BB+

/

Ba1

)

300,000

5.950

03/08/28

304,044

350,000

4.000

12/15/50

245,000

200,000

6.500

09/08/33

210,052

759,096

Oman

–

2.8%

Oman

Government

International

Bond

(

NR

/

Ba1

)

200,000

7.375

10/28/32

225,780

200,000

6.000

08/01/29

205,371

200,000

6.250

01/25/31

209,298

200,000

6.500

03/08/47

204,352

400,000

6.750

01/17/48

419,998

400,000

4.750

06/15/26

396,288

275,000

5.375

03/08/27

274,256

1,935,343

Paraguay

–

1.1%

Paraguay

Government

International

Bond

(

BB+

/

Baa3

)

200,000

6.000

02/09/36

206,250

200,000

4.950

04/28/31

194,750

200,000

3.849

06/28/33

179,500

200,000

2.739

01/29/33

167,500

748,000

Peru

–

4.4%

Peruvian

Government

International

Bond

(

BBB-

/

Baa1

)

400,000

2.392

01/23/26

390,000

550,000

3.550

03/10/51

399,761

500,000

3.300

03/11/41

383,015

240,000

5.875

08/08/54

241,758

287,000

5.625

11/18/50

285,082

400,000

8.750

11/21/33

490,892

200,000

5.375

02/08/35

198,285

300,000

3.600

01/15/72

199,382

100,000

4.125

08/25/27

98,500

150,000

3.230

07/28/21

86,665

100,000

2.783

01/23/31

87,750

100,000

1.862

12/01/32

78,124

100,000

3.000

01/15/34

83,399

3,022,613

GOLDMAN

SACHS

ACCESS

EMERGING

MARKETS

USD

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

(Continued)

Philippines

–

5.6%

Philippine

Government

International

Bond

(

BBB+

/

Baa2

)

$

200,000

6.375

%

01/15/32

$

216,880

200,000

6.375

10/23/34

220,465

200,000

1.950

01/06/32

164,284

200,000

3.700

02/02/42

164,266

780,000

3.556

09/29/32

707,150

370,000

2.950

05/05/45

260,859

450,000

2.650

12/10/45

299,324

680,000

1.648

06/10/31

558,068

600,000

3.700

03/01/41

497,310

400,000

3.000

02/01/28

378,922

483,000

3.200

07/06/46

352,037

3,819,565

Poland

–

3.7%

Republic

of

Poland

Government

International

Bond

(

A-

/

A2

)

500,000

4.875

10/04/33

492,228

500,000

5.500

04/04/53

484,291

500,000

5.125

09/18/34

496,158

200,000

5.750

11/16/32

208,201

200,000

5.500

03/18/54

193,877

400,000

5.500

11/16/27

409,190

250,000

3.250

04/06/26

245,988

2,529,933

Qatar

–

3.4%

Qatar

Government

International

Bond

(

AA

/

Aa2

)

200,000

4.750

05/29/34

202,458

200,000

4.625

06/02/46

185,130

220,000

5.103

04/23/48

215,908

200,000

3.250

06/02/26

196,156

350,000

4.817

03/14/49

329,171

550,000

3.750

04/16/30

529,067

300,000

4.000

03/14/29

295,245

UAE

Government

International

Bond

(

AA

/

Aa2

)

400,000

4.400

04/16/50

354,002

2,307,137

Romania

–

3.3%

Romanian

Government

International

Bond

(

BBB-

/

Baa3

)

380,000

6.125

01/22/44

349,840

400,000

3.625

03/27/32

335,670

420,000

3.000

02/14/31

347,407

460,000

5.250

11/25/27

454,940

200,000

6.375

01/30/34

196,095

280,000

5.125

06/15/48

223,653

300,000

7.125

01/17/33

310,523

50,000

7.625

01/17/53

52,686

2,270,814

Senegal

–

0.3%

Senegal

Government

International

Bond

(

B+

/

B1

)

200,000

6.250

05/23/33

168,750

Serbia

–

0.6%

Serbia

International

Bond

(

BBB-

/

Ba2

)

200,000

6.500

09/26/33

208,489

200,000

2.125

12/01/30

165,500

373,989

Trinidad

and

Tobago

–

0.3%

Trinidad

&

Tobago

Government

International

Bond

(

BBB-

/

Ba2

)

200,000

4.500

08/04/26

195,500

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

(Continued)

Turkey

–

4.5%

Turkiye

Government

International

Bond

(

NR

/

B1

)

$

200,000

7.125

%

07/17/32

$

203,138

Turkiye

Government

International

Bond

,

Series

10Y

(

NR

/

B1

)

400,000

7.625

05/15/34

418,112

Turkiye

Government

International

Bond

,

Series

11Y

(

NR

/

B1

)

825,000

4.875

10/09/26

819,214

Turkiye

Government

International

Bond

,

Series

30Y

(

NR

/

B1

)

200,000

6.000

01/14/41

170,827

525,000

5.750

05/11/47

409,500

362,000

6.875

03/17/36

356,829

100,000

11.875

01/15/30

126,875

200,000

4.875

04/16/43

145,750

Turkiye

Government

International

Bond

,

Series

31Y

(

NR

/

B1

)

200,000

6.625

02/17/45

175,732

Turkiye

Government

International

Bond

,

Series

6Y

(

NR

/

B1

)

200,000

9.375

03/14/29

224,098

3,050,075

United

Arab

Emirates

–

1.3%

UAE

Government

International

Bond

(

NR

/

Aa2

)

375,000

3.250

10/19/61

253,727

350,000

2.000

10/19/31

294,503

477,000

2.875

10/19/41

352,783

901,013

Uruguay

–

4.0%

Oriental

Republic

of

Uruguay

(

BBB+

/

NR

)

180,000

5.250

09/10/60

172,800

Uruguay

Government

International

Bond

(b)

(

BBB+

/

Baa1

)

350,000

5.100

06/18/50

336,656

400,000

4.125

11/20/45

352,500

350,000

4.375

10/27/27

348,687

380,000

4.975

04/20/55

356,250

200,000

5.750

10/28/34

210,500

150,000

7.875

01/15/33

179,063

508,000

4.375

01/23/31

499,110

200,000

7.625

03/21/36

242,000

2,697,566

Uzbekistan

–

0.3%

Republic

of

Uzbekistan

International

Bond

(

BB-

/

NR

)

200,000

3.900

10/19/31

168,233

TOTAL

SOVEREIGN

DEBT

OBLIGATIONS

(Cost

$56,276,974)

56,009,073

a

Corporate

Obligations

–

14.8%

Brazil

–

1.7%

Petrobras

Global

Finance

BV

(

BB

/

Ba1

)

200,000

7.375

01/17/27

207,750

216,000

6.850

06/05/15

203,310

400,000

5.999

01/27/28

407,000

301,000

6.500

07/03/33

307,396

1,125,456

Chile

–

1.7%

Corp.

Nacional

del

Cobre

de

Chile

(

BBB+

/

Baa1

)

200,000

3.150

01/14/30

179,987

200,000

3.625

08/01/27

192,650

GOLDMAN

SACHS

ACCESS

EMERGING

MARKETS

USD

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

(Continued)

Chile

–

(continued)

Corp.

Nacional

del

Cobre

de

Chile

(BBB+/Baa1)

(continued)

$

200,000

3.700

%

01/30/50

$

140,751

200,000

3.000

09/30/29

179,956

400,000

4.500

08/01/47

321,106

Empresa

de

Transporte

de

Pasajeros

Metro

SA

(

NR

/

A3

)

200,000

4.700

05/07/50

169,756

1,184,206

India

–

3.5%

Export-Import

Bank

of

India

(

NR

/

Baa3

)

200,000

3.875

02/01/28

194,879

450,000

3.250

01/15/30

415,674

400,000

3.375

08/05/26

390,688

200,000

2.250

01/13/31

172,025

Indian

Railway

Finance

Corp.

Ltd.

(

BBB-

/

Baa3

)

200,000

3.570

01/21/32

182,680

350,000

2.800

02/10/31

309,198

Power

Finance

Corp.

Ltd.

(

NR

/

Baa3

)

200,000

3.950

04/23/30

188,180

200,000

6.150

12/06/28

207,538

REC

Ltd.

(

NR

/

Baa3

)

303,000

5.625

04/11/28

308,008

2,368,870

Indonesia

–

1.2%

Pertamina

Persero

PT

(

BBB

/

Baa2

)

200,000

6.450

05/30/44

213,549

457,000

3.100

08/27/30

415,026

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

(

NR

/

Baa2

)

200,000

6.150

05/21/48

202,469

831,044

Kazakhstan

–

1.1%

Development

Bank

of

Kazakhstan

JSC

(

NR

/

Baa1

)

400,000

5.500

04/15/27

403,710

KazMunayGas

National

Co.

JSC

(

NR

/

Baa1

)

200,000

5.375

04/24/30

197,569

200,000

5.750

04/19/47

178,530

779,809

Mexico

–

3.1%

Petroleos

Mexicanos

(

BBB

/

B3

)

225,000

6.625

06/15/35

184,827

180,000

6.500

03/13/27

175,682

250,000

6.350

02/12/48

172,927

600,000

4.500

01/23/26

582,317

100,000

6.840

01/23/30

92,636

75,000

7.690

01/23/50

59,015

100,000

6.950

01/28/60

71,682

100,000

6.875

10/16/25

99,792

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

(Continued)

Mexico

–

(continued)

Petroleos

Mexicanos

(BBB/B3)

(continued)

$

50,000

6.500

%

01/23/29

$

47,121

428,000

6.750

09/21/47

308,369

199,000

5.625

01/23/46

130,925

175,000

5.350

02/12/28

162,083

25,000

6.500

06/02/41

18,719

2,106,095

Peru

–

0.4%

Petroleos

del

Peru

SA

(

B

/

NR

)

400,000

5.625

06/19/47

263,000

Poland

–

1.0%

Bank

Gospodarstwa

Krajowego

(

NR

/

A2

)

200,000

5.375

05/22/33

199,475

220,000

6.250

07/09/54

225,101

225,000

5.750

07/09/34

228,826

653,402

Qatar

–

0.7%

QatarEnergy

(

AA

/

Aa2

)

309,000

2.250

07/12/31

264,508

300,000

3.300

07/12/51

213,541

478,049

United

Arab

Emirates

–

0.4%

Adnoc

Murban

Rsc

Ltd.

(

AA

/

Aa2

)

300,000

4.250

09/11/29

292,268

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$10,122,624)

10,082,199

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

1.5%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,032,343

4.541%

1,032,343

(Cost

$1,032,343)

TOTAL

INVESTMENTS

–

98.6%

(Cost

$67,431,941)

$

67,123,615

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.4%

968,969

NET

ASSETS

–

100.0%

$

68,092,584

  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)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

MTN

—

Medium

Term

Note

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

92.9%

Advertising

–

1.5%

Clear

Channel

Outdoor

Holdings,

Inc.

$

488,000

5.125

%

08/15/27

(a)

$

478,240

84,000

7.750

04/15/28

(a)

77,595

300,000

9.000

09/15/28

(a)

318,375

203,000

7.500

06/01/29

(a)

179,655

Lamar

Media

Corp.

279,000

3.750

02/15/28

265,748

234,000

4.000

02/15/30

217,035

161,000

3.625

01/15/31

144,296

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

460,000

4.625

03/15/30

(a)

433,550

2,114,494

Aerospace

&

Defense

–

2.1%

Spirit

AeroSystems,

Inc.

100,000

4.600

06/15/28

95,500

170,000

9.375

11/30/29

(a)

183,600

96,000

9.750

11/15/30

(a)

107,040

TransDigm,

Inc.

523,000

5.500

11/15/27

519,731

152,000

6.750

08/15/28

(a)

155,420

599,000

4.625

01/15/29

570,548

100,000

6.375

03/01/29

(a)

101,563

40,000

4.875

05/01/29

38,300

350,000

6.875

12/15/30

(a)

360,937

300,000

7.125

12/01/31

(a)

312,187

556,000

6.625

03/01/32

(a)

570,248

3,015,074

Banks

–

0.5%

Freedom

Mortgage

Corp.

246,000

7.625

05/01/26

(a)

247,845

161,000

6.625

01/15/27

(a)

161,201

81,000

12.000

10/01/28

(a)

88,088

238,000

12.250

10/01/30

(a)

264,180

761,314

Basic

Industry

–

1.7%

Axalta

Coating

Systems

LLC

280,000

3.375

02/15/29

(a)

258,300

Chemours

Co.

(The)

50,000

5.375

05/15/27

49,062

253,000

5.750

11/15/28

(a)

239,718

30,000

4.625

11/15/29

(a)

26,775

Olin

Corp.

100,000

5.125

09/15/27

98,875

259,000

5.625

08/01/29

258,029

210,000

5.000

02/01/30

201,600

Olympus

Water  U.S.

Holding

Corp.

280,000

4.250

10/01/28

(a)

264,250

200,000

6.250

10/01/29

(a)

191,750

SCIH

Salt

Holdings,

Inc.

273,000

6.625

05/01/29

(a)

266,516

Tronox,

Inc.

417,000

4.625

03/15/29

(a)

383,119

WR

Grace

Holdings

LLC

310,000

4.875

06/15/27

(a)

304,962

2,542,956

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Broadcasting

–

3.4%

Gray

Escrow

II,

Inc.

$

218,000

5.375

%

11/15/31

(a)

$

129,710

Gray

Television,

Inc.

400,000

7.000

05/15/27

(a)

394,000

133,000

10.500

07/15/29

(a)

135,494

197,000

4.750

10/15/30

(a)

119,185

iHeartCommunications,

Inc.

300,000

6.375

05/01/26

261,000

200,000

8.375

05/01/27

119,000

250,000

5.250

08/15/27

(a)

176,250

100,000

4.750

01/15/28

(a)

67,500

Nexstar

Media,

Inc.

400,000

5.625

07/15/27

(a)

395,500

Sinclair

Television

Group,

Inc.

85,000

5.500

03/01/30

(a)

57,587

130,000

4.125

12/01/30

(a)

101,238

Sirius

XM

Radio

LLC

350,000

3.125

09/01/26

(a)

337,750

455,000

5.000

08/01/27

(a)

448,175

426,000

4.000

07/15/28

(a)

401,505

150,000

5.500

07/01/29

(a)

146,812

516,000

3.875

09/01/31

(a)

447,308

Univision

Communications,

Inc.

336,000

6.625

06/01/27

(a)

335,160

483,000

8.000

08/15/28

(a)

494,169

129,000

4.500

05/01/29

(a)

116,100

218,000

8.500

07/31/31

(a)

217,455

4,900,898

Brokerage

–

0.7%

Coinbase

Global,

Inc.

132,000

3.375

10/01/28

(a)

120,120

Jane

Street

Group

/

JSG

Finance,

Inc.

150,000

7.125

04/30/31

(a)

156,375

220,000

6.125

11/01/32

(a)

221,375

Jefferies

Finance

LLC

/

JFIN

Co.-Issuer

Corp.

200,000

5.000

08/15/28

(a)

187,906

Ladder

Capital

Finance

Holdings

LLLP

/

Ladder

Capital

Finance

Corp.

284,000

4.750

06/15/29

(a)

272,995

958,771

Building

Materials

–

1.6%

Builders

FirstSource,

Inc.

88,000

5.000

03/01/30

(a)

84,920

264,000

4.250

02/01/32

(a)

239,910

202,000

6.375

06/15/32

(a)

207,302

345,000

6.375

03/01/34

(a)

352,763

Smyrna

Ready

Mix

Concrete

LLC

150,000

6.000

11/01/28

(a)

148,875

408,000

8.875

11/15/31

(a)

434,520

Standard

Industries,

Inc.

284,000

5.000

02/15/27

(a)

278,675

329,000

4.375

07/15/30

(a)

305,970

201,000

3.375

01/15/31

(a)

176,377

Summit

Materials

LLC

/

Summit

Materials

Finance

Corp.

94,000

7.250

01/15/31

(a)

100,228

2,329,540

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Capital

Goods

–

4.2%

ASP

Unifrax

Holdings,

Inc.

$

117,000

7.100

%

09/30/29

(a)(b)

$

68,445

Ball

Corp.

241,000

6.875

03/15/28

248,531

223,000

6.000

06/15/29

227,460

242,000

2.875

08/15/30

212,658

Chart

Industries,

Inc.

182,000

7.500

01/01/30

(a)

190,190

Clean

Harbors,

Inc.

284,000

4.875

07/15/27

(a)

279,740

Clydesdale

Acquisition

Holdings,

Inc.

151,000

6.625

04/15/29

(a)

151,944

199,000

8.750

04/15/30

(a)

199,995

Crown

Americas

LLC

100,000

5.250

04/01/30

99,000

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

V

198,000

4.250

09/30/26

194,535

Crown

Americas

LLC

/

Crown

Americas

Capital

Corp.

VI

148,000

4.750

02/01/26

146,705

Emerald

Debt

Merger

Sub

LLC

400,000

6.625

12/15/30

(a)

406,000

EquipmentShare.com,

Inc.

287,000

9.000

05/15/28

(a)

300,274

Graham

Packaging

Co.,

Inc.

85,000

7.125

08/15/28

(a)

83,725

Graphic

Packaging

International

LLC

190,000

6.375

07/15/32

(a)

193,562

Herc

Holdings,

Inc.

214,000

5.500

07/15/27

(a)

214,000

LABL,

Inc.

131,000

10.500

07/15/27

(a)

128,544

170,000

5.875

11/01/28

(a)

152,575

95,000

8.250

11/01/29

(a)

82,650

Madison

IAQ

LLC

94,000

4.125

06/30/28

(a)

90,240

Mauser

Packaging

Solutions

Holding

Co.

549,000

7.875

04/15/27

(a)

564,097

284,000

9.250

04/15/27

(a)

291,100

Pactiv

Evergreen

Group

Issuer

LLC

/

Pactiv

Evergreen

Group

Issuer,

Inc.

190,000

4.375

10/15/28

(a)

180,263

Pactiv

Evergreen

Group

Issuer,

Inc./Pactiv

Evergreen

Group

Issuer

LLC

85,000

4.000

10/15/27

(a)

81,600

Reworld

Holding

Corp.

261,000

4.875

12/01/29

(a)

245,814

60,000

5.000

09/01/30

56,231

Sealed

Air

Corp.

450,000

6.875

07/15/33

(a)

479,250

Sealed

Air

Corp/Sealed

Air

Corp.  U.S.

60,000

7.250

02/15/31

(a)

62,625

Sensata

Technologies

BV

200,000

4.000

04/15/29

(a)

186,599

Sensata

Technologies,

Inc.

250,000

3.750

02/15/31

(a)

224,062

6,042,414

Communications

–

6.0%

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

560,000

5.125

05/01/27

(a)

554,400

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Communications

–

(continued)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

–

(continued)

$

735,000

5.000

%

02/01/28

(a)

$

719,381

279,000

5.375

06/01/29

(a)

272,025

200,000

6.375

09/01/29

(a)

201,250

478,000

4.750

03/01/30

(a)

446,333

355,000

4.500

08/15/30

(a)

324,381

342,000

4.250

02/01/31

(a)

305,663

287,000

4.750

02/01/32

(a)

259,376

532,000

4.500

05/01/32

470,820

441,000

4.500

06/01/33

(a)

381,465

460,000

4.250

01/15/34

(a)

383,525

CSC

Holdings

LLC

380,000

5.500

04/15/27

(a)

344,375

250,000

5.375

02/01/28

(a)

218,750

250,000

7.500

04/01/28

(a)

180,625

200,000

11.250

05/15/28

(a)

198,500

490,000

11.750

01/31/29

(a)

488,162

200,000

6.500

02/01/29

(a)

172,000

240,000

5.750

01/15/30

(a)

143,400

250,000

4.125

12/01/30

(a)

189,375

400,000

4.625

12/01/30

(a)

226,000

250,000

3.375

02/15/31

(a)

182,500

250,000

4.500

11/15/31

(a)

188,750

Directv

Financing

LLC

331,000

8.875

02/01/30

(a)

332,655

Directv

Financing

LLC

/

Directv

Financing

Co.-Obligor,

Inc.

521,000

5.875

08/15/27

(a)

512,534

Live

Nation

Entertainment,

Inc.

404,000

4.750

10/15/27

(a)

396,930

142,000

3.750

01/15/28

(a)

135,610

News

Corp.

250,000

3.875

05/15/29

(a)

234,687

Radiate

Holdco

LLC

/

Radiate

Finance,

Inc.

250,000

4.500

09/15/26

(a)

215,000

8,678,472

Consumer

Cyclical

–

16.5%

ADT

Security

Corp.

(The)

82,000

4.125

08/01/29

(a)

76,465

196,000

4.875

07/15/32

(a)

182,770

Allison

Transmission,

Inc.

279,000

3.750

01/30/31

(a)

251,797

American

Axle

&

Manufacturing,

Inc.

210,000

6.875

07/01/28

210,525

119,000

5.000

10/01/29

110,373

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co.-Issuer

Corp.

237,000

7.000

04/15/30

(a)

218,929

Bath

&

Body

Works,

Inc.

425,000

7.500

06/15/29

441,469

100,000

6.625

10/01/30

(a)

102,125

194,000

6.875

11/01/35

203,215

203,000

6.750

07/01/36

209,978

Boyd

Gaming

Corp.

178,000

4.750

12/01/27

174,440

137,000

4.750

06/15/31

(a)

128,095

Caesars

Entertainment,

Inc.

190,000

8.125

07/01/27

(a)

194,275

337,000

4.625

10/15/29

(a)

318,886

200,000

7.000

02/15/30

(a)

206,750

138,000

6.500

02/15/32

(a)

141,278

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

Carnival

Corp.

$

679,000

7.625

%

03/01/26

(a)

$

684,092

237,000

5.750

03/01/27

(a)

238,481

871,000

6.000

05/01/29

(a)

876,444

Carnival

Holdings

Bermuda

Ltd.

221,000

10.375

05/01/28

(a)

237,023

Carvana

Co.

109,200

12.000

12/01/28

(a)(b)

116,571

329,900

13.000

06/01/30

(a)(b)

362,890

492,200

14.000

06/01/31

(a)(b)

588,794

Churchill

Downs,

Inc.

125,000

5.500

04/01/27

(a)

124,688

Cinemark

USA,

Inc.

140,000

5.250

07/15/28

(a)

137,550

Clarios

Global

LP

/

Clarios  U.S.

Finance

Co.

447,000

8.500

05/15/27

(a)

450,352

100,000

6.750

05/15/28

(a)

102,625

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co.,

Inc.

147,000

4.625

01/15/29

(a)

137,996

272,000

6.750

01/15/30

(a)

254,660

FirstCash,

Inc.

170,000

4.625

09/01/28

(a)

163,200

322,000

6.875

03/01/32

(a)

328,440

Gap,

Inc.

(The)

96,000

3.625

10/01/29

(a)

87,600

200,000

3.875

10/01/31

(a)

176,500

GEO

Group,

Inc.

(The)

200,000

8.625

04/15/29

211,463

200,000

10.250

04/15/31

219,081

Goodyear

Tire

&

Rubber

Co.

(The)

32,000

9.500

05/31/25

32,100

50,000

5.000

05/31/26

49,750

150,000

4.875

03/15/27

147,563

161,000

5.000

07/15/29

151,340

159,000

5.250

04/30/31

145,882

220,000

5.250

07/15/31

202,950

60,000

5.625

04/30/33

54,675

Hanesbrands,

Inc.

88,000

9.000

02/15/31

(a)

94,490

Hilton

Domestic

Operating

Co.,

Inc.

217,000

5.750

05/01/28

(a)

217,542

98,000

5.875

04/01/29

(a)

99,225

308,000

3.750

05/01/29

(a)

289,135

45,000

4.875

01/15/30

43,763

280,000

4.000

05/01/31

(a)

256,900

289,000

3.625

02/15/32

(a)

255,765

Iron

Mountain

Information

Management

Services,

Inc.

129,000

5.000

07/15/32

(a)

121,260

Iron

Mountain,

Inc.

200,000

4.875

09/15/27

(a)

197,750

239,000

5.250

03/15/28

(a)

236,610

100,000

5.000

07/15/28

(a)

98,000

164,000

7.000

02/15/29

(a)

169,535

100,000

4.875

09/15/29

(a)

97,000

289,000

5.250

07/15/30

(a)

282,136

358,000

4.500

02/15/31

(a)

333,611

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

KFC

Holding

Co./Pizza

Hut

Holdings

LLC/Taco

Bell

of

America

LLC

$

250,000

4.750

%

06/01/27

(a)

$

247,500

LCM

Investments

Holdings

II

LLC

263,000

4.875

05/01/29

(a)

249,192

Liberty

Interactive

LLC

138,000

8.250

02/01/30

70,380

Life

Time,

Inc.

227,000

8.000

04/15/26

(a)

228,078

Light

&

Wonder

International,

Inc.

124,000

7.000

05/15/28

(a)

125,085

125,000

7.250

11/15/29

(a)

129,219

217,000

7.500

09/01/31

(a)

226,494

Michaels

Cos.,

Inc.

(The)

208,000

5.250

05/01/28

(a)

150,800

Mohegan

Tribal

Gaming

Authority

354,000

8.000

02/01/26

(a)

351,787

170,000

13.250

12/15/27

(a)

192,313

NCL

Corp.

Ltd.

327,000

5.875

03/15/26

(a)

328,635

402,000

5.875

02/15/27

(a)

404,513

234,000

7.750

02/15/29

(a)

249,210

NCL

Finance

Ltd.

44,000

6.125

03/15/28

(a)

44,605

Nordstrom,

Inc.

135,000

4.250

08/01/31

119,644

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

250,000

4.750

02/15/28

(a)

240,312

250,000

7.750

02/15/29

(a)

246,875

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

100,000

5.750

04/15/26

(a)

100,250

338,000

3.375

08/31/27

(a)

318,142

358,000

6.250

01/15/28

(a)

358,895

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

100,000

4.750

10/15/27

98,375

85,000

7.250

07/15/28

(a)

88,187

290,000

4.500

02/15/29

(a)

277,313

259,000

6.500

04/01/32

(a)

263,209

Royal

Caribbean

Cruises

Ltd.

420,000

4.250

07/01/26

(a)

414,225

189,000

5.500

08/31/26

(a)

189,945

95,000

5.375

07/15/27

(a)

94,881

140,000

3.700

03/15/28

134,050

351,000

5.500

04/01/28

(a)

351,877

300,000

5.625

09/30/31

(a)

300,188

378,000

6.000

02/01/33

(a)

383,198

Sabre

GLBL,

Inc.

236,000

8.625

06/01/27

(a)

233,345

364,000

10.750

11/15/29

(a)

368,444

Six

Flags

Entertainment

Corp.

250,000

5.500

04/15/27

(a)

249,688

200,000

7.250

05/15/31

(a)

206,375

Staples,

Inc.

685,000

10.750

09/01/29

(a)

674,725

Station

Casinos

LLC

100,000

4.500

02/15/28

(a)

95,875

Tenneco,

Inc.

295,000

8.000

11/17/28

(a)

280,619

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

TKC

Holdings,

Inc.

$

85,000

6.875

%

05/15/28

(a)

$

85,213

Travel

+

Leisure

Co.

155,000

6.625

07/31/26

(a)

157,325

100,000

6.000

04/01/27

101,000

150,000

4.500

12/01/29

(a)

142,125

Wand

NewCo

3,

Inc.

451,000

7.625

01/30/32

(a)

468,476

Wynn

Las

Vegas

LLC

/

Wynn

Las

Vegas

Capital

Corp.

300,000

5.250

05/15/27

(a)

298,500

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

182,000

5.125

10/01/29

(a)

177,677

399,000

7.125

02/15/31

(a)

419,948

Yum!

Brands,

Inc.

143,000

4.750

01/15/30

(a)

138,710

164,000

3.625

03/15/31

148,420

200,000

4.625

01/31/32

189,750

295,000

5.375

04/01/32

290,206

23,950,600

Consumer

Noncyclical

–

4.2%

Allied

Universal

Holdco

LLC

295,000

7.875

02/15/31

(a)

302,006

Allied

Universal

Holdco

LLC

/

Allied

Universal

Finance

Corp.

377,000

9.750

07/15/27

(a)

379,592

200,000

6.000

06/01/29

(a)

184,500

Allied

Universal

Holdco

LLC

/Allied

Universal

Finance

Corp.

/

Atlas

Luxco

4

Sarl

200,000

4.625

06/01/28

(a)

189,000

Avantor

Funding,

Inc.

550,000

4.625

07/15/28

(a)

532,813

Hologic,

Inc.

104,000

4.625

02/01/28

(a)

102,180

375,000

3.250

02/15/29

(a)

345,937

LifePoint

Health,

Inc.

200,000

5.375

01/15/29

(a)

179,500

Medline

Borrower

LP

865,000

3.875

04/01/29

(a)

812,019

471,000

5.250

10/01/29

(a)

460,991

Molina

Healthcare,

Inc.

384,000

4.375

06/15/28

(a)

368,160

134,000

3.875

11/15/30

(a)

122,108

95,000

3.875

05/15/32

(a)

84,550

Murphy

Oil

USA,

Inc.

91,000

3.750

02/15/31

(a)

81,786

Organon

&

Co

/

Organon

Foreign

Debt

Co.-Issuer

BV

330,000

4.125

04/30/28

(a)

313,913

550,000

5.125

04/30/31

(a)

505,312

Prestige

Brands,

Inc.

469,000

3.750

04/01/31

(a)

419,462

RR

Donnelley

&

Sons

Co.

485,000

9.500

08/01/29

(a)

497,125

Walgreens

Boots

Alliance,

Inc.

150,000

8.125

08/15/29

151,031

95,000

3.200

04/15/30

76,693

6,108,678

Consumer

Products

–

1.0%

Edgewell

Personal

Care

Co.

100,000

5.500

06/01/28

(a)

98,875

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Products

–

(continued)

Edgewell

Personal

Care

Co.

–

(continued)

$

100,000

4.125

%

04/01/29

(a)

$

93,875

Newell

Brands,

Inc.

161,000

6.375

09/15/27

164,220

320,000

6.625

09/15/29

329,600

80,000

6.875

04/01/36

80,691

Scotts

Miracle-Gro

Co.

(The)

260,000

4.375

02/01/32

232,050

Tempur

Sealy

International,

Inc.

255,000

4.000

04/15/29

(a)

237,469

204,000

3.875

10/15/31

(a)

180,285

1,417,065

Distribution

&

Logistics

–

0.4%

WESCO

Distribution,

Inc.

145,000

7.250

06/15/28

(a)

148,625

189,000

6.375

03/15/29

(a)

194,198

197,000

6.625

03/15/32

(a)

203,156

545,979

Electric

–

3.2%

Artera

Services

LLC

265,000

8.500

02/15/31

(a)

264,006

Calpine

Corp.

60,000

5.250

06/01/26

(a)

59,775

100,000

5.125

03/15/28

(a)

98,000

150,000

4.625

02/01/29

(a)

143,250

280,000

5.000

02/01/31

(a)

266,000

277,000

3.750

03/01/31

(a)

251,031

NextEra

Energy

Operating

Partners

LP

350,000

4.500

09/15/27

(a)

333,812

NRG

Energy,

Inc.

550,000

3.375

02/15/29

(a)

504,701

100,000

5.250

06/15/29

(a)

98,500

373,000

3.625

02/15/31

(a)

331,919

PG&E

Corp.

487,000

5.250

07/01/30

479,663

Pike

Corp.

120,000

8.625

01/31/31

(a)

128,850

Talen

Energy

Supply

LLC

142,000

8.625

06/01/30

(a)

152,828

Vistra

Operations

Co.

LLC

95,000

5.500

09/01/26

(a)

94,881

366,000

5.625

02/15/27

(a)

366,229

328,000

5.000

07/31/27

(a)

325,130

414,000

4.375

05/01/29

(a)

396,922

200,000

7.750

10/15/31

(a)

212,500

85,000

6.875

04/15/32

(a)

88,188

4,596,185

Energy

–

8.2%

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp.

207,000

5.750

03/01/27

(a)

207,517

71,000

5.750

01/15/28

(a)

71,089

250,000

6.625

02/01/32

(a)

254,063

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp.

107,000

6.875

04/01/27

(a)

107,802

50,000

6.250

04/01/28

(a)

50,313

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp.

152,000

5.875

06/30/29

(a)

149,720

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Buckeye

Partners

LP

$

68,000

3.950

%

12/01/26

$

66,470

134,000

4.125

12/01/27

128,975

146,000

4.500

03/01/28

(a)

140,890

CITGO

Petroleum

Corp.

146,000

6.375

06/15/26

(a)

146,730

95,000

8.375

01/15/29

(a)

98,919

CNX

Resources

Corp.

358,000

6.000

01/15/29

(a)

359,342

CQP

Holdco

LP

/

BIP-V

Chinook

Holdco

LLC

500,000

5.500

06/15/31

(a)

481,875

Crescent

Energy

Finance

LLC

375,000

7.375

01/15/33

(a)

372,656

Delek

Logistics

Partners

LP

/

Delek

Logistics

Finance

Corp.

100,000

8.625

03/15/29

(a)

104,437

DT

Midstream,

Inc.

435,000

4.125

06/15/29

(a)

412,706

255,000

4.375

06/15/31

(a)

237,788

Hess

Midstream

Operations

LP

77,000

5.125

06/15/28

(a)

75,941

233,000

4.250

02/15/30

(a)

218,729

95,000

5.500

10/15/30

(a)

93,813

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

75,000

6.250

11/01/28

(a)

74,812

245,000

5.750

02/01/29

(a)

238,875

150,000

6.000

02/01/31

(a)

142,875

95,000

8.375

11/01/33

(a)

100,344

97,000

6.875

05/15/34

(a)

94,151

230,000

7.250

02/15/35

(a)

226,262

ITT

Holdings

LLC

252,000

6.500

08/01/29

(a)

236,880

Kinetik

Holdings

LP

474,000

5.875

06/15/30

(a)

474,593

Nabors

Industries,

Inc.

298,000

9.125

01/31/30

(a)

310,106

Northern

Oil

&

Gas,

Inc.

100,000

8.125

03/01/28

(a)

102,500

148,000

8.750

06/15/31

(a)

155,585

PBF

Holding

Co.

LLC

/

PBF

Finance

Corp.

316,000

6.000

02/15/28

312,050

Permian

Resources

Operating

LLC

485,000

8.000

04/15/27

(a)

499,550

174,000

5.875

07/01/29

(a)

174,000

238,000

7.000

01/15/32

(a)

244,545

Range

Resources

Corp.

250,000

4.750

02/15/30

(a)

237,813

SM

Energy

Co.

290,000

6.750

09/15/26

290,181

175,000

6.625

01/15/27

175,328

100,000

6.500

07/15/28

100,000

Sunoco

LP

/

Sunoco

Finance

Corp.

130,000

6.000

04/15/27

130,650

261,000

4.500

05/15/29

249,581

166,000

4.500

04/30/30

156,870

Talos

Production,

Inc.

238,000

9.375

02/01/31

(a)

250,495

Transocean

Titan

Financing

Ltd.

91,000

8.375

02/01/28

(a)

93,730

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Transocean,

Inc.

$

130,000

8.250

%

05/15/29

(a)

$

131,300

521,050

8.750

02/15/30

(a)

543,846

228,000

8.500

05/15/31

(a)

231,420

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp.

150,000

7.125

03/15/29

(a)

153,563

Venture

Global

Calcasieu

Pass

LLC

456,000

3.875

08/15/29

(a)

424,080

30,000

4.125

08/15/31

(a)

27,525

238,000

3.875

11/01/33

(a)

207,952

Venture

Global

LNG,

Inc.

435,000

8.125

06/01/28

(a)

454,575

610,000

9.500

02/01/29

(a)

681,675

189,000

9.875

02/01/32

(a)

209,554

11,917,041

Financial

Company

–

5.3%

AG

TTMT

Escrow

Issuer

LLC

95,000

8.625

09/30/27

(a)

98,919

Boost

Newco

Borrower

LLC

200,000

7.500

01/15/31

(a)

212,000

Coinbase

Global,

Inc.

219,000

3.625

10/01/31

(a)

189,709

Compass

Group

Diversified

Holdings

LLC

246,000

5.250

04/15/29

(a)

237,698

Freedom

Mortgage

Holdings

LLC

143,000

9.125

05/15/31

(a)

148,541

HUB

International

Ltd.

161,000

5.625

12/01/29

(a)

157,176

524,000

7.250

06/15/30

(a)

543,650

355,000

7.375

01/31/32

(a)

363,875

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp.

300,000

6.250

05/15/26

298,875

386,000

5.250

05/15/27

372,972

119,000

9.750

01/15/29

121,969

260,000

4.375

02/01/29

224,575

250,000

9.000

06/15/30

248,297

Midcap

Financial

Issuer

Trust

200,000

6.500

05/01/28

(a)

196,500

Nationstar

Mortgage

Holdings,

Inc.

112,000

6.000

01/15/27

(a)

112,280

353,000

5.500

08/15/28

(a)

348,588

191,000

5.125

12/15/30

(a)

181,450

100,000

5.750

11/15/31

(a)

97,375

OneMain

Finance

Corp.

450,000

7.125

03/15/26

461,250

120,000

3.500

01/15/27

115,650

463,000

3.875

09/15/28

432,326

95,000

9.000

01/15/29

101,056

100,000

7.875

03/15/30

105,750

235,000

4.000

09/15/30

211,794

100,000

7.125

11/15/31

102,750

Osaic

Holdings,

Inc.

95,000

10.750

08/01/27

(a)

98,206

PennyMac

Financial

Services,

Inc.

342,000

5.375

10/15/25

(a)

341,145

50,000

7.875

12/15/29

(a)

52,937

200,000

7.125

11/15/30

(a)

204,750

134,000

5.750

09/15/31

(a)

129,310

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Financial

Company

–

(continued)

Rocket

Mortgage

LLC

$

244,000

5.250

%

01/15/28

(a)

$

234,073

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co.-Issuer,

Inc.

81,000

2.875

10/15/26

(a)

77,557

350,000

3.625

03/01/29

(a)

323,986

317,000

3.875

03/01/31

(a)

285,023

270,000

4.000

10/15/33

(a)

235,371

7,667,383

Food

and

Beverage

–

2.6%

Aramark

Services,

Inc.

395,000

5.000

02/01/28

(a)

387,594

Fiesta

Purchaser,

Inc.

331,000

7.875

03/01/31

(a)

347,136

HLF

Financing

Sarl

LLC

/

Herbalife

International,

Inc.

322,000

12.250

04/15/29

(a)

339,710

218,000

4.875

06/01/29

(a)

159,140

Lamb

Weston

Holdings,

Inc.

300,000

4.125

01/31/30

(a)

279,750

Performance

Food

Group,

Inc.

488,000

5.500

10/15/27

(a)

486,780

Post

Holdings,

Inc.

106,000

5.625

01/15/28

(a)

107,590

267,000

5.500

12/15/29

(a)

261,994

875,000

4.500

09/15/31

(a)

799,531

68,000

6.250

02/15/32

(a)

68,935

U.S.

Foods,

Inc.

237,000

6.875

09/15/28

(a)

244,999

300,000

4.750

02/15/29

(a)

290,250

81,000

4.625

06/01/30

(a)

77,456

3,850,865

Hardware

–

0.4%

CommScope

LLC

160,000

8.250

03/01/27

(a)

148,400

NCR

Voyix

Corp.

354,000

5.000

10/01/28

(a)

342,938

59,000

5.125

04/15/29

(a)

56,640

547,978

Healthcare

–

6.5%

AdaptHealth

LLC

88,000

4.625

08/01/29

(a)

80,630

Catalent

Pharma

Solutions,

Inc.

400,000

3.500

04/01/30

(a)

394,000

Charles

River

Laboratories

International,

Inc.

450,000

4.000

03/15/31

(a)

406,969

CHS/Community

Health

Systems,

Inc.

350,000

5.625

03/15/27

(a)

339,500

226,000

6.000

01/15/29

(a)

208,768

229,000

6.875

04/15/29

(a)

186,062

191,000

6.125

04/01/30

(a)

143,250

283,000

5.250

05/15/30

(a)

242,673

399,000

4.750

02/15/31

(a)

324,187

299,000

10.875

01/15/32

(a)

311,521

DaVita,

Inc.

448,000

4.625

06/01/30

(a)

421,120

822,000

3.750

02/15/31

(a)

730,552

Encompass

Health

Corp.

349,000

4.750

02/01/30

337,657

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Healthcare

–

(continued)

IQVIA,

Inc.

$

280,000

5.000

%

05/15/27

(a)

$

277,200

250,000

6.500

05/15/30

(a)

257,500

LifePoint

Health,

Inc.

323,000

4.375

02/15/27

(a)

314,117

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

603,000

3.500

03/15/31

394,965

Owens

&

Minor,

Inc.

381,000

6.625

04/01/30

(a)

367,665

Prime

Healthcare

Services,

Inc.

283,000

9.375

09/01/29

(a)

287,953

RP

Escrow

Issuer

LLC

100,000

5.250

12/15/25

(a)

90,625

Select

Medical

Corp.

170,000

6.250

08/15/26

(a)

171,700

Service

Corp

International

240,000

5.750

10/15/32

239,700

Service

Corp.

International

115,000

4.625

12/15/27

113,562

468,000

5.125

06/01/29

463,320

Star

Parent,

Inc.

85,000

9.000

10/01/30

(a)

88,188

Tenet

Healthcare

Corp.

392,000

6.250

02/01/27

392,245

246,000

5.125

11/01/27

244,155

166,000

4.625

06/15/28

161,435

426,000

6.125

10/01/28

427,598

420,000

4.250

06/01/29

397,950

150,000

6.125

06/15/30

151,125

450,000

6.750

05/15/31

460,687

9,428,579

Insurance

–

2.1%

Acrisure

LLC

/

Acrisure

Finance,

Inc.

236,000

8.250

02/01/29

(a)

243,375

378,000

8.500

06/15/29

(a)

394,537

390,000

6.000

08/01/29

(a)

373,913

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co.-Issuer

343,000

4.250

10/15/27

(a)

328,422

244,000

6.750

10/15/27

(a)

244,305

95,000

6.750

04/15/28

(a)

96,188

30,000

5.875

11/01/29

(a)

28,987

435,000

7.000

01/15/31

(a)

442,069

AmWINS

Group,

Inc.

150,000

6.375

02/15/29

(a)

151,687

150,000

4.875

06/30/29

(a)

142,688

AssuredPartners,

Inc.

150,000

5.625

01/15/29

(a)

143,063

Panther

Escrow

Issuer

LLC

400,000

7.125

06/01/31

(a)

410,000

2,999,234

Media

Non

Cable

–

0.3%

AMC

Networks,

Inc.

475,000

4.250

02/15/29

363,375

News

Corp.

130,000

5.125

02/15/32

(a)

126,100

489,475

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Metals

–

1.0%

Alcoa

Nederland

Holding

BV

$

300,000

6.125

%

05/15/28

(a)

$

303,457

Arsenal

AIC

Parent

LLC

300,000

11.500

10/01/31

(a)

339,750

Kaiser

Aluminum

Corp.

150,000

4.500

06/01/31

(a)

135,000

Novelis

Corp.

451,000

4.750

01/30/30

(a)

425,068

257,000

3.875

08/15/31

(a)

226,481

U.S.

Steel

Corp.

85,000

6.875

03/01/29

85,744

1,515,500

Metals

and

Mining

–

0.4%

Cleveland-Cliffs,

Inc.

150,000

6.875

11/01/29

(a)

151,500

200,000

6.750

04/15/30

(a)

201,000

292,000

7.000

03/15/32

(a)

293,825

646,325

Natural

Gas

–

3.0%

AmeriGas

Partners

LP

/

AmeriGas

Finance

Corp.

264,000

5.875

08/20/26

260,040

Ferrellgas

LP

/

Ferrellgas

Finance

Corp.

359,000

5.375

04/01/26

(a)

357,205

100,000

5.875

04/01/29

(a)

94,250

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp.

510,000

8.000

01/15/27

521,475

150,000

8.250

01/15/29

153,469

150,000

7.875

05/15/32

150,937

Hess

Midstream

Operations

LP

170,000

5.625

02/15/26

(a)

170,000

NuStar

Logistics

LP

166,000

6.000

06/01/26

167,245

100,000

5.625

04/28/27

100,375

538,000

6.375

10/01/30

551,450

Prairie

Acquiror

LP

85,000

9.000

08/01/29

(a)

88,294

Rockies

Express

Pipeline

LLC

251,000

4.950

07/15/29

(a)

240,960

Tallgrass

Energy

Partners

LP

/

Tallgrass

Energy

Finance

Corp.

153,000

6.000

03/01/27

(a)

153,382

300,000

5.500

01/15/28

(a)

292,500

81,000

7.375

02/15/29

(a)

82,519

284,000

6.000

09/01/31

(a)

268,735

Venture

Global

Calcasieu

Pass

LLC

100,000

6.250

01/15/30

(a)

102,625

Venture

Global

LNG,

Inc.

550,000

8.375

06/01/31

(a)

578,875

4,334,336

Other

–

0.3%

Brand

Industrial

Services,

Inc.

391,000

10.375

08/01/30

(a)

414,460

Pharmaceuticals

–

1.4%

Bausch

Health

Americas,

Inc.

200,000

9.250

04/01/26

(a)

193,000

Bausch

Health

Cos.,

Inc.

250,000

5.500

11/01/25

(a)

245,000

150,000

9.000

12/15/25

(a)

147,750

189,000

6.125

02/01/27

(a)

174,825

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Pharmaceuticals

–

(continued)

Bausch

Health

Cos.,

Inc.

–

(continued)

$

70,000

5.000

%

01/30/28

(a)

$

47,250

250,000

4.875

06/01/28

(a)

208,750

237,000

11.000

09/30/28

(a)

234,038

50,000

5.000

02/15/29

(a)

30,375

230,000

6.250

02/15/29

(a)

148,350

110,000

5.250

01/30/30

(a)

63,800

300,000

5.250

02/15/31

(a)

168,000

Endo

Finance

Holdings,

Inc.

346,000

8.500

04/15/31

(a)

368,490

2,029,628

Publishing

–

0.3%

McGraw-Hill

Education,

Inc.

440,000

5.750

08/01/28

(a)

432,300

REITs

and

Real

Estate

–

1.9%

Anywhere

Real

Estate

Group

LLC

/

Realogy

Co.-Issuer

Corp.

94,000

5.750

01/15/29

(a)

81,193

Brookfield

Property

REIT,

Inc.

/

BPR

Cumulus

LLC

/

BPR

Nimbus

LLC

/

GGSI

Sellco

LL

219,000

5.750

05/15/26

(a)

217,494

Diversified

Healthcare

Trust

95,000

–

01/15/26

(a)(c)

88,944

98,000

4.750

02/15/28

83,478

145,000

4.375

03/01/31

110,562

Howard

Hughes

Corp.

(The)

129,000

5.375

08/01/28

(a)

126,904

337,000

4.125

02/01/29

(a)

315,095

290,000

4.375

02/01/31

(a)

264,625

Hudson

Pacific

Properties

LP

84,000

3.950

11/01/27

74,699

89,000

4.650

04/01/29

72,181

Park

Intermediate

Holdings

LLC

/

PK

Domestic

Property

LLC

/

PK

Finance

Co.-Issuer

401,000

4.875

05/15/29

(a)

385,461

Service

Properties

Trust

213,000

8.375

06/15/29

211,331

375,000

4.950

10/01/29

307,500

200,000

8.625

11/15/31

(a)

212,750

Starwood

Property

Trust,

Inc.

188,000

7.250

04/01/29

(a)

194,124

2,746,341

Rental

Equipment

–

1.5%

EquipmentShare.com,

Inc.

85,000

8.625

05/15/32

(a)

89,463

H&E

Equipment

Services,

Inc.

380,000

3.875

12/15/28

(a)

352,450

Hertz

Corp.

(The)

435,000

12.625

07/15/29

(a)

473,062

United

Rentals

North

America,

Inc.

228,000

5.500

05/15/27

228,855

380,000

4.875

01/15/28

375,250

336,000

3.875

02/15/31

308,280

128,000

3.750

01/15/32

114,720

191,000

6.125

03/15/34

(a)

194,581

2,136,661

Software

–

2.5%

Cloud

Software

Group,

Inc.

813,000

6.500

03/31/29

(a)

800,805

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Software

–

(continued)

Cloud

Software

Group,

Inc.

–

(continued)

$

803,000

9.000

%

09/30/29

(a)

$

814,041

148,000

8.250

06/30/32

(a)

154,475

Fair

Isaac

Corp.

363,000

4.000

06/15/28

(a)

348,026

Gen

Digital,

Inc.

425,000

6.750

09/30/27

(a)

434,563

ROBLOX

Corp.

94,000

3.875

05/01/30

(a)

85,540

SS&C

Technologies,

Inc.

412,000

5.500

09/30/27

(a)

410,720

161,000

6.500

06/01/32

(a)

164,824

UKG,

Inc.

400,000

6.875

02/01/31

(a)

412,500

3,625,494

Technology

–

3.0%

Arches

Buyer,

Inc.

143,000

4.250

06/01/28

(a)

133,884

286,000

6.125

12/01/28

(a)

260,260

Block,

Inc.

250,000

2.750

06/01/26

242,188

455,000

3.500

06/01/31

409,500

Central

Parent

Inc

/

CDK

Global,

Inc.

170,000

7.250

06/15/29

(a)

171,275

Entegris,

Inc.

241,000

4.375

04/15/28

(a)

231,661

100,000

5.950

06/15/30

(a)

100,375

Go

Daddy

Operating

Co

LLC

/

GD

Finance

Co.,

Inc.

450,000

5.250

12/01/27

(a)

447,187

Imola

Merger

Corp.

328,000

4.750

05/15/29

(a)

314,470

Match

Group

Holdings

II

LLC

237,000

5.000

12/15/27

(a)

230,482

81,000

4.625

06/01/28

(a)

77,962

286,000

3.625

10/01/31

(a)

246,318

McAfee

Corp.

361,000

7.375

02/15/30

(a)

351,975

Newfold

Digital

Holdings

Group,

Inc.

100,000

11.750

10/15/28

(a)

71,875

Seagate

HDD

Cayman

100,000

4.875

06/01/27

99,375

142,000

8.250

12/15/29

152,650

385,000

9.625

12/01/32

439,863

51,000

5.750

12/01/34

50,936

Western

Digital

Corp.

189,000

4.750

02/15/26

188,055

Xerox

Holdings

Corp.

227,000

8.875

11/30/29

(a)

195,504

4,415,795

Transportation

–

1.4%

Brightline

East

LLC

240,000

11.000

01/31/30

(a)

224,850

Fortress

Transportation

and

Infrastructure

Investors

LLC

487,000

5.500

05/01/28

(a)

483,348

238,000

7.875

12/01/30

(a)

253,470

United

Airlines,

Inc.

188,000

4.375

04/15/26

(a)

185,415

613,000

4.625

04/15/29

(a)

589,246

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Transportation

–

(continued)

XPO,

Inc.

$

210,000

7.125

%

06/01/31

(a)

$

218,137

100,000

7.125

02/01/32

(a)

103,875

2,058,341

Wireless

–

0.2%

Viasat,

Inc.

100,000

5.625

04/15/27

(a)

94,750

138,000

6.500

07/15/28

(a)

108,502

122,000

7.500

05/30/31

(a)

82,808

286,060

Wirelines

–

3.6%

Cablevision

Lightpath

LLC

200,000

5.625

09/15/28

(a)

186,000

Consolidated

Communications,

Inc.

202,000

6.500

10/01/28

(a)

196,697

Embarq

LLC

440,000

7.995

06/01/36

216,700

Frontier

Communications

Holdings

LLC

75,000

5.875

10/15/27

(a)

75,141

500,000

5.000

05/01/28

(a)

496,250

200,000

6.750

05/01/29

(a)

202,250

234,000

5.875

11/01/29

235,170

250,000

6.000

01/15/30

(a)

250,937

246,000

8.750

05/15/30

(a)

262,605

81,000

8.625

03/15/31

(a)

87,480

Level

3

Financing,

Inc.

220,000

10.500

04/15/29

(a)

246,950

166,000

4.875

06/15/29

(a)

145,665

220,000

11.000

11/15/29

(a)

250,525

142,000

4.500

04/01/30

(a)

119,635

81,000

3.875

10/15/30

(a)

64,901

336,000

10.750

12/15/30

(a)

379,260

102,000

4.000

04/15/31

(a)

81,218

Lumen

Technologies,

Inc.

200,000

4.500

01/15/29

(a)

168,750

80,646

4.125

04/15/30

(a)

71,473

Uniti

Group

LP

/

Uniti

Group

Finance,

Inc.

/

CSL

Capital

LLC

284,000

10.500

02/15/28

(a)

302,460

419,000

4.750

04/15/28

(a)

393,336

150,000

6.500

02/15/29

(a)

132,000

Windstream

Services

LLC

/

Windstream

Escrow

Finance

Corp.

202,000

7.750

08/15/28

(a)

203,768

Zayo

Group

Holdings,

Inc.

420,000

4.000

03/01/27

(a)

396,900

5,166,071

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$132,431,694)

134,670,307

a

Foreign

Corporate

Debt

–

4.8%

Aerospace

&

Defense

–

0.6%

Bombardier,

Inc.

(

Canada

)

156,000

7.875

04/15/27

(a)

156,292

122,000

7.000

06/01/32

(a)

124,669

550,000

7.450

05/01/34

(a)

591,250

872,211

GOLDMAN

SACHS

ACCESS

HIGH

YIELD

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Basic

Industry

–

0.5%

Mercer

International,

Inc.

(

Germany

)

$

70,000

12.875

%

10/01/28

(a)

$

75,250

170,000

5.125

02/01/29

148,962

NOVA

Chemicals

Corp.

(

Canada

)

273,000

5.250

06/01/27

(a)

269,247

161,000

8.500

11/15/28

(a)

171,666

104,000

9.000

02/15/30

(a)

112,450

777,575

Capital

Goods

–

0.2%

Husky

Injection

Molding

Systems

Ltd.

/

Titan

Co.-Borrower

LLC

(

Canada

)

363,000

9.000

02/15/29

(a)

377,974

Consumer

Cyclical

–

1.3%

1011778

BC

ULC

/

New

Red

Finance,

Inc.

(

Canada

)

301,000

3.875

01/15/28

(a)

287,455

154,000

4.375

01/15/28

(a)

148,802

212,000

3.500

02/15/29

(a)

196,895

517,000

4.000

10/15/30

(a)

469,824

Brookfield

Residential

Properties,

Inc.

/

Brookfield

Residential  U.S.

LLC

(

Canada

)

100,000

6.250

09/15/27

(a)

99,875

214,000

4.875

02/15/30

(a)

200,893

Garda

World

Security

Corp.

(

Canada

)

167,000

4.625

02/15/27

(a)

162,825

Mattamy

Group

Corp.

(

Canada

)

159,000

5.250

12/15/27

(a)

157,211

190,000

4.625

03/01/30

(a)

179,313

1,903,093

Energy

–

0.3%

Baytex

Energy

Corp.

(

Canada

)

393,000

8.500

04/30/30

(a)

408,720

Mining

–

0.3%

Hudbay

Minerals,

Inc.

(

Canada

)

405,000

4.500

04/01/26

(a)

399,938

Natural

Gas

–

0.2%

Parkland

Corp.

(

Canada

)

347,000

4.625

05/01/30

(a)

324,011

Software

–

0.5%

Open

Text

Corp.

(

Canada

)

544,000

3.875

02/15/28

(a)

513,400

95,000

3.875

12/01/29

(a)

86,806

Open

Text

Holdings,

Inc.

(

Canada

)

100,000

4.125

12/01/31

(a)

89,750

689,956

Transportation

–

0.3%

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding,

Inc.

(

Switzerland

)

165,000

7.875

05/01/27

(a)

162,386

95,000

9.500

06/01/28

(a)

94,177

184,000

6.375

02/01/30

(a)

162,266

418,829

Wireless

–

0.6%

Connect

Finco

Sarl

/

Connect  U.S.

Finco

LLC

(

United

Kingdom

)

300,000

9.000

09/15/29

(a)

278,117

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Wireless

–

(continued)

Intelsat

Jackson

Holdings

SA

(

Luxembourg

)

$

632,000

6.500

%

03/15/30

(a)

$

589,585

867,702

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$7,049,624)

7,040,009

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.6%

(d)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

864,399

4.541%

864,399

(Cost

$864,399)

TOTAL

INVESTMENTS

–

98.3%

(Cost

$140,345,717)

$

142,574,715

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.7%

2,452,500

NET

ASSETS

–

100.0%

$

145,027,215

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

Pay-in-kind

securities.

(c)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

ACCESS

INFLATION

PROTECTED

USD

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Treasury

Inflation

Indexed

Bonds

–

99.5%

a

U.S.

Treasury

Inflation

Indexed

Bonds

$

1,317,244

0.125

%

10/15/25

$

1,298,400

4,252,907

0.625

01/15/26

4,186,515

3,598,454

0.125

04/15/26

3,505,980

4,084,286

0.125

07/15/26

3,983,459

4,494,285

0.125

10/15/26

4,364,689

4,632,403

0.375

01/15/27

4,491,223

6,179,928

0.125

04/15/27

5,930,954

10,537,166

0.375

07/15/27

10,195,373

5,565,643

1.625

10/15/27

5,558,404

12,186,836

0.500

01/15/28

11,706,659

4,524,472

0.750

07/15/28

4,379,757

1,998,525

3.875

04/15/29

2,167,495

4,065,247

0.250

07/15/29

3,806,118

8,209,625

0.125

01/15/30

7,542,889

9,654,924

0.125

07/15/30

8,822,844

8,583,014

0.125

07/15/31

7,694,956

7,162,460

0.125

01/15/32

6,342,117

8,783,528

0.625

07/15/32

8,035,884

5,837,630

1.375

07/15/33

5,599,547

3,829,050

1.750

01/15/34

3,768,972

5,031,332

2.125

02/15/40

5,072,561

8,214,602

0.750

02/15/42

6,616,880

4,017,810

0.875

02/15/47

3,096,661

2,953,589

1.000

02/15/48

2,320,935

2,785,441

1.000

02/15/49

2,171,083

3,373,826

0.250

02/15/50

2,122,952

3,827,224

0.125

02/15/52

2,261,318

TOTAL

U.S.

TREASURY

INFLATION

INDEXED

BONDS

(Cost

$145,552,595)

137,044,625

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.3%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

428,264

4.541%

428,264

(Cost

$428,264)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$145,980,859)

$

137,472,889

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

312,894

NET

ASSETS

–

100.0%

$

137,785,783

  a

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.

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

84.1%

Aerospace

&

Defense

–

1.9%

Boeing

Co.

(The)

$

40,000

5.040

%

05/01/27

$

39,975

General

Dynamics

Corp.

16,000

1.150

06/01/26

15,256

Huntington

Ingalls

Industries,

Inc.

20,000

3.483

12/01/27

19,275

Lockheed

Martin

Corp.

50,000

3.550

01/15/26

49,464

RTX

Corp.

40,000

5.750

01/15/29

41,604

Textron,

Inc.

13,000

3.650

03/15/27

12,665

178,239

Banks

–

24.0%

American

Express

Co.

50,000

4.900

02/13/26

50,144

51,000

3.125

05/20/26

49,996

20,000

5.850

11/05/27

20,724

Bank

of

America

Corp.

(

SOFR

+

1.290%

)

80,000

5.080

01/20/27

(a)

80,235

(

SOFR

+

0.960%

)

32,000

1.734

07/22/27

(a)

30,498

(

SOFR

+

1.580%

)

32,000

4.376

04/27/28

(a)

31,766

(

SOFR

+

1.630%

)

30,000

5.202

04/25/29

(a)

30,349

Bank

of

America

Corp.

,

GMTN

(

3M

U.S.

T-Bill

MMY

+

1.632%

)

40,000

3.593

07/21/28

(a)

38,820

Bank

of

America

Corp.

,

MTN

(

3M

U.S.

T-Bill

MMY

+

1.322%

)

25,000

3.559

04/23/27

(a)

24,571

(

SOFR

+

2.040%

)

50,000

4.948

07/22/28

(a)

50,225

(

3M

U.S.

T-Bill

MMY

+

1.572%

)

60,000

4.271

07/23/29

(a)

58,972

Bank

of

America

Corp.

,

Series

N

(

SOFR

+

0.910%

)

17,000

1.658

03/11/27

(a)

16,340

Bank

of

New

York

Mellon

Corp.

(The)

,

MTN

68,000

3.400

01/29/28

65,925

(

3M

U.S.

T-Bill

MMY

+

1.331%

)

34,000

3.442

02/07/28

(a)

32,982

Capital

One

Financial

Corp.

(

SOFR

+

2.080%

)

20,000

5.468

02/01/29

(a)

20,296

(

SOFR

+

2.640%

)

60,000

6.312

06/08/29

(a)

62,252

(

SOFR

+

1.905%

)

50,000

5.700

02/01/30

(a)

51,147

Charles

Schwab

Corp.

(The)

30,000

0.900

03/11/26

28,571

(

SOFR

+

1.878%

)

30,000

6.196

11/17/29

(a)

31,630

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Citigroup,

Inc.

$

100,000

3.400

%

05/01/26

$

97,942

(

SOFR

+

0.770%

)

100,000

1.462

06/09/27

(a)

95,273

(

3M

U.S.

T-Bill

MMY

+

1.600%

)

40,000

3.980

03/20/30

(a)

38,580

Citizens

Financial

Group,

Inc.

50,000

2.850

07/27/26

48,329

Fifth

Third

Bancorp

20,000

2.550

05/05/27

19,000

Huntington

Bancshares,

Inc.

(

SOFR

+

2.020%

)

40,000

6.208

08/21/29

(a)

41,711

JPMorgan

Chase

&

Co.

27,000

3.200

06/15/26

26,480

30,000

2.950

10/01/26

29,200

(

SOFR

+

0.800%

)

17,000

1.045

11/19/26

(a)

16,421

(

SOFR

+

0.885%

)

25,000

1.578

04/22/27

(a)

23,937

(

SOFR

+

1.170%

)

25,000

2.947

02/24/28

(a)

24,051

(

SOFR

+

1.560%

)

47,000

4.323

04/26/28

(a)

46,583

(

SOFR

+

1.990%

)

40,000

4.851

07/25/28

(a)

40,114

(

SOFR

+

1.015%

)

30,000

2.069

06/01/29

(a)

27,439

(

3M

U.S.

T-Bill

MMY

+

1.522%

)

20,000

4.203

07/23/29

(a)

19,631

(

SOFR

+

1.450%

)

80,000

5.299

07/24/29

(a)

81,442

(

SOFR

+

1.570%

)

50,000

6.087

10/23/29

(a)

52,355

M&T

Bank

Corp.

(

SOFR

+

2.800%

)

10,000

7.413

10/30/29

(a)

10,752

Morgan

Stanley

(

SOFR

+

1.295%

)

20,000

5.050

01/28/27

(a)

20,057

20,000

3.591

07/22/28

(a)

19,259

(

SOFR

+

2.240%

)

40,000

6.296

10/18/28

(a)

41,642

Morgan

Stanley

,

GMTN

20,000

3.875

01/27/26

19,831

Morgan

Stanley

,

MTN

(

SOFR

+

1.590%

)

100,000

5.164

04/20/29

(a)

101,048

PNC

Financial

Services

Group,

Inc.

(The)

(

SOFR

+

1.620%

)

20,000

5.354

12/02/28

(a)

20,349

(

SOFR

+

1.841%

)

50,000

5.582

06/12/29

(a)

51,266

Santander

Holdings

USA,

Inc.

(

SOFR

+

1.249%

)

20,000

2.490

01/06/28

(a)

19,052

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(

SOFR

+

2.356%

)

$

20,000

6.499

%

03/09/29

(a)

$

20,734

State

Street

Corp.

(

SOFR

+

1.484%

)

30,000

5.684

11/21/29

(a)

31,129

Synchrony

Financial

20,000

3.950

12/01/27

19,214

Truist

Financial

Corp.

,

MTN

(

SOFR

+

2.446%

)

30,000

7.161

10/30/29

(a)

32,289

(

SOFR

+

1.620%

)

30,000

5.435

01/24/30

(a)

30,509

U.S.

Bancorp

,

MTN

(

SOFR

+

0.730%

)

10,000

2.215

01/27/28

(a)

9,490

(

SOFR

+

1.660%

)

8,000

4.548

07/22/28

(a)

7,968

U.S.

Bancorp

,

Series

X

21,000

3.150

04/27/27

20,368

US

Bancorp

(

SOFR

+

2.020%

)

30,000

5.775

06/12/29

(a)

30,935

Wells

Fargo

&

Co.

6,000

3.000

04/22/26

5,847

23,000

3.000

10/23/26

22,318

(

SOFR

+

1.790%

)

50,000

6.303

10/23/29

(a)

52,547

(

SOFR

+

1.500%

)

50,000

5.198

01/23/30

(a)

50,741

Wells

Fargo

&

Co.

,

MTN

(

3M

U.S.

T-Bill

MMY

+

1.432%

)

11,000

3.196

06/17/27

(a)

10,735

(

SOFR

+

1.510%

)

16,000

3.526

03/24/28

(a)

15,568

(

3M

U.S.

T-Bill

MMY

+

1.572%

)

15,000

3.584

05/22/28

(a)

14,578

(

SOFR

+

2.100%

)

15,000

2.393

06/02/28

(a)

14,158

(

SOFR

+

1.980%

)

16,000

4.808

07/25/28

(a)

16,020

(

SOFR

+

1.740%

)

50,000

5.574

07/25/29

(a)

51,241

2,263,576

Basic

Industry

–

0.5%

Celanese  U.S.

Holdings

LLC

10,000

6.330

07/15/29

10,338

Dow

Chemical

Co.

(The)

10,000

7.375

11/01/29

11,091

Linde,

Inc.

24,000

3.200

01/30/26

23,662

45,091

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Broadcasting

–

0.2%

Discovery

Communications

LLC

$

20,000

3.950

%

03/20/28

$

19,132

Building

Materials

–

0.4%

Stanley

Black

&

Decker,

Inc.

40,000

3.400

03/01/26

39,274

Capital

Goods

–

3.1%

Berry

Global,

Inc.

20,000

1.650

01/15/27

18,719

Caterpillar

Financial

Services

Corp.

30,000

4.850

02/27/29

30,416

John

Deere

Capital

Corp.

,

MTN

20,000

4.750

01/20/28

20,211

20,000

1.500

03/06/28

18,259

40,000

4.850

06/11/29

40,638

Otis

Worldwide

Corp.

30,000

2.293

04/05/27

28,525

Republic

Services,

Inc.

9,000

2.900

07/01/26

8,772

Roper

Technologies,

Inc.

16,000

3.850

12/15/25

15,846

Trane

Technologies

Financing

Ltd.

40,000

3.500

03/21/26

39,439

Vontier

Corp.

10,000

2.400

04/01/28

9,136

Waste

Management,

Inc.

20,000

7.000

07/15/28

21,682

Westinghouse

Air

Brake

Technologies

Corp.

20,000

4.700

09/15/28

19,956

Xylem,

Inc.

20,000

1.950

01/30/28

18,516

290,115

Communications

–

1.5%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

20,000

5.050

03/30/29

19,798

Comcast

Corp.

40,000

5.350

11/15/27

40,965

40,000

3.550

05/01/28

38,747

TWDC

Enterprises

18

Corp.

,

MTN

8,000

1.850

07/30/26

7,660

Walt

Disney

Co.

(The)

40,000

3.700

03/23/27

39,433

146,603

Consumer

Cyclical

–

9.7%

Amazon.com,

Inc.

15,000

4.550

12/01/27

15,118

60,000

3.450

04/13/29

58,086

American

Honda

Finance

Corp.

20,000

5.650

11/15/28

20,762

American

Honda

Finance

Corp.

,

GMTN

20,000

3.500

02/15/28

19,423

Booking

Holdings,

Inc.

43,000

3.600

06/01/26

42,433

Dollar

Tree,

Inc.

30,000

4.200

05/15/28

29,303

DR

Horton,

Inc.

10,000

1.300

10/15/26

9,396

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

Ford

Motor

Co.

$

50,000

4.346

%

12/08/26

$

49,383

50,000

6.625

10/01/28

52,493

General

Motors

Co.

34,000

6.800

10/01/27

35,650

General

Motors

Financial

Co.,

Inc.

21,000

1.250

01/08/26

20,212

20,000

2.700

08/20/27

18,966

30,000

3.850

01/05/28

29,226

42,000

5.550

07/15/29

42,909

Global

Payments,

Inc.

40,000

1.200

03/01/26

38,170

10,000

4.450

06/01/28

9,839

Home

Depot,

Inc.

(The)

21,000

2.800

09/14/27

20,171

Lennar

Corp.

20,000

4.750

11/29/27

20,057

Lowe's

Cos.,

Inc.

50,000

4.800

04/01/26

50,126

20,000

1.700

09/15/28

17,997

Marriott

International,

Inc.

30,000

4.875

05/15/29

30,231

McDonald's

Corp.

,

MTN

40,000

3.500

03/01/27

39,095

Starbucks

Corp.

16,000

2.000

03/12/27

15,132

20,000

3.500

03/01/28

19,423

Toyota

Motor

Credit

Corp.

50,000

5.400

11/20/26

50,922

Toyota

Motor

Credit

Corp.

,

MTN

16,000

0.800

01/09/26

15,371

40,000

3.050

03/22/27

38,845

Visa,

Inc.

40,000

0.750

08/15/27

36,532

50,000

2.750

09/15/27

48,017

Walmart,

Inc.

24,000

1.050

09/17/26

22,666

915,954

Consumer

Noncyclical

–

4.0%

Abbott

Laboratories

20,000

1.150

01/30/28

18,169

AbbVie,

Inc.

30,000

4.800

03/15/27

30,226

30,000

4.800

03/15/29

30,247

40,000

3.200

11/21/29

37,487

Altria

Group,

Inc.

40,000

4.800

02/14/29

39,965

Bristol-Myers

Squibb

Co.

50,000

4.900

02/22/29

50,708

Centene

Corp.

20,000

4.250

12/15/27

19,425

Eli

Lilly

&

Co.

24,000

3.100

05/15/27

23,360

Johnson

&

Johnson

30,000

2.900

01/15/28

28,828

Merck

&

Co.,

Inc.

16,000

0.750

02/24/26

15,309

Merck

Sharp

&

Dohme

Corp.

20,000

6.400

03/01/28

21,198

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Pfizer,

Inc.

$

30,000

3.450

%

03/15/29

$

28,841

Philip

Morris

International,

Inc.

30,000

4.875

02/15/28

30,300

Utah

Acquisition

Sub,

Inc.

8,000

3.950

06/15/26

7,876

381,939

Consumer

Products

–

0.8%

Kenvue,

Inc.

20,000

5.050

03/22/28

20,418

Procter

&

Gamble

Co.

(The)

50,000

4.100

01/26/26

49,878

8,000

1.900

02/01/27

7,613

77,909

Distributors

–

0.2%

PACCAR

Financial

Corp.

,

MTN

20,000

4.600

01/31/29

20,117

Electric

–

6.8%

Black

Hills

Corp.

20,000

5.950

03/15/28

20,787

Dominion

Energy,

Inc.

,

Series

A

17,000

1.450

04/15/26

16,270

DTE

Energy

Co.

20,000

4.875

06/01/28

20,119

Duke

Energy

Corp.

16,000

2.650

09/01/26

15,482

40,000

4.300

03/15/28

39,638

Edison

International

14,000

4.125

03/15/28

13,727

(

US

5

Year

CMT

T-Note

+

3.864%

)

10,000

8.125

06/15/53

(a)

10,511

Exelon

Corp.

11,000

3.400

04/15/26

10,820

30,000

5.150

03/15/28

30,439

FirstEnergy

Corp.

,

Series

B

20,000

3.900

07/15/27

19,583

National

Rural

Utilities

Cooperative

Finance

Corp.

,

GMTN

30,000

4.850

02/07/29

30,292

NextEra

Energy

Capital

Holdings,

Inc.

40,000

4.900

02/28/28

40,327

NiSource,

Inc.

25,000

5.200

07/01/29

25,469

NSTAR

Electric

Co.

50,000

2.700

06/01/26

48,537

Pacific

Gas

and

Electric

Co.

28,000

3.300

03/15/27

27,060

20,000

5.450

06/15/27

20,278

Public

Service

Electric

and

Gas

Co.

,

MTN

30,000

3.650

09/01/28

29,125

San

Diego

Gas

&

Electric

Co.

40,000

6.000

06/01/26

40,734

Sempra

(

US

5

Year

CMT

T-Note

+

2.868%

)

10,000

4.125

04/01/52

(a)

9,541

Southern

California

Edison

Co.

15,000

5.850

11/01/27

15,497

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Southern

California

Edison

Co.

–

(continued)

$

31,000

5.150

%

06/01/29

$

31,584

Southern

Co.

(The)

16,000

3.250

07/01/26

15,679

Southern

Power

Co.

50,000

0.900

01/15/26

47,948

Southwestern

Electric

Power

Co.

,

Series

M

30,000

4.100

09/15/28

29,337

Virginia

Electric

and

Power

Co.

,

Series

A

37,000

2.875

07/15/29

34,388

643,172

Electrical

–

0.2%

Hubbell,

Inc.

22,000

3.500

02/15/28

21,170

Energy

–

5.2%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.

15,000

3.337

12/15/27

14,454

Boardwalk

Pipelines

LP

40,000

4.450

07/15/27

39,654

BP

Capital

Markets

America,

Inc.

60,000

4.699

04/10/29

60,223

Chevron

Corp.

35,000

1.995

05/11/27

33,159

Energy

Transfer

LP

40,000

4.750

01/15/26

39,957

40,000

5.550

02/15/28

41,005

Enterprise

Products

Operating

LLC

40,000

3.125

07/31/29

37,612

Exxon

Mobil

Corp.

24,000

3.043

03/01/26

23,596

13,000

2.275

08/16/26

12,555

Hercules

Capital,

Inc.

20,000

3.375

01/20/27

19,052

Kinder

Morgan,

Inc.

20,000

5.000

02/01/29

20,140

MPLX

LP

12,000

1.750

03/01/26

11,558

Occidental

Petroleum

Corp.

20,000

6.375

09/01/28

20,875

ONEOK,

Inc.

24,000

5.000

03/01/26

24,050

Sabine

Pass

Liquefaction

LLC

31,000

5.000

03/15/27

31,217

Targa

Resources

Corp.

20,000

6.150

03/01/29

21,037

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

40,000

6.500

07/15/27

40,516

490,660

Financial

Company

–

3.4%

Air

Lease

Corp.

37,000

3.625

04/01/27

36,175

20,000

3.625

12/01/27

19,363

Air

Lease

Corp.

,

GMTN

40,000

3.750

06/01/26

39,396

Ally

Financial,

Inc.

15,000

7.100

11/15/27

15,867

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Financial

Company

–

(continued)

Ares

Capital

Corp.

$

17,000

2.875

%

06/15/27

$

16,126

13,000

5.950

07/15/29

13,183

Bain

Capital

Specialty

Finance,

Inc.

20,000

2.950

03/10/26

19,363

20,000

2.550

10/13/26

18,990

BGC

Group,

Inc.

40,000

4.375

12/15/25

39,613

Blackstone

Private

Credit

Fund

20,000

4.000

01/15/29

19,029

Blue

Owl

Credit

Income

Corp.

11,000

7.750

01/15/29

11,714

FS

KKR

Capital

Corp.

16,000

3.250

07/15/27

15,157

GATX

Corp.

50,000

3.850

03/30/27

48,911

Golub

Capital

BDC,

Inc.

10,000

6.000

07/15/29

10,052

322,939

Food

and

Beverage

–

2.1%

Coca-Cola

Co.

(The)

50,000

1.500

03/05/28

45,853

Coca-Cola

Consolidated,

Inc.

40,000

5.250

06/01/29

40,948

Keurig

Dr

Pepper,

Inc.

30,000

3.950

04/15/29

29,128

McCormick

&

Co.,

Inc.

16,000

0.900

02/15/26

15,294

PepsiCo,

Inc.

11,000

2.850

02/24/26

10,796

40,000

2.625

07/29/29

37,074

The

Campbell's

Company

20,000

4.150

03/15/28

19,672

198,765

Healthcare

–

2.8%

Cigna

Group

(The)

50,000

1.250

03/15/26

47,889

CVS

Health

Corp.

13,000

3.000

08/15/26

12,606

50,000

4.300

03/25/28

49,028

Evernorth

Health,

Inc.

40,000

4.500

02/25/26

39,874

HCA,

Inc.

16,000

4.500

02/15/27

15,915

40,000

5.875

02/01/29

41,225

UnitedHealth

Group,

Inc.

16,000

3.375

04/15/27

15,653

40,000

5.250

02/15/28

40,955

263,145

Insurance

–

2.0%

Berkshire

Hathaway

Finance

Corp.

40,000

2.300

03/15/27

38,336

Horace

Mann

Educators

Corp.

30,000

7.250

09/15/28

32,232

Lincoln

National

Corp.

30,000

3.800

03/01/28

29,151

Loews

Corp.

50,000

3.750

04/01/26

49,399

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Insurance

–

(continued)

Prudential

Financial,

Inc.

(

3M

USD

LIBOR

+

2.665%

)

$

20,000

5.700

%

09/15/48

(a)

$

20,150

Radian

Group,

Inc.

20,000

4.875

03/15/27

19,940

189,208

Lodging

–

0.1%

Las

Vegas

Sands

Corp.

10,000

3.500

08/18/26

9,735

Media

Non

Cable

–

0.6%

Netflix,

Inc.

16,000

4.375

11/15/26

16,045

10,000

6.375

05/15/29

10,713

Warnermedia

Holdings,

Inc.

30,000

4.054

03/15/29

28,306

55,064

Mining

–

0.1%

Freeport-McMoRan,

Inc.

10,000

4.125

03/01/28

9,780

Pharmaceuticals

–

0.2%

Viatris,

Inc.

16,000

2.300

06/22/27

15,031

Publishing

–

0.2%

S&P

Global,

Inc.

20,000

2.700

03/01/29

18,603

REITs

and

Real

Estate

–

2.6%

AvalonBay

Communities,

Inc.

,

MTN

20,000

3.200

01/15/28

19,225

Boston

Properties

LP

20,000

4.500

12/01/28

19,558

10,000

3.400

06/21/29

9,273

Brixmor

Operating

Partnership

LP

20,000

3.900

03/15/27

19,595

Digital

Realty

Trust

LP

30,000

3.600

07/01/29

28,631

EPR

Properties

8,000

4.500

06/01/27

7,886

Equinix,

Inc.

23,000

1.800

07/15/27

21,401

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

9,000

5.375

04/15/26

8,996

Realty

Income

Corp.

40,000

3.250

06/15/29

37,640

Simon

Property

Group

LP

16,000

3.300

01/15/26

15,776

10,000

2.450

09/13/29

9,070

Ventas

Realty

LP

20,000

4.400

01/15/29

19,691

Welltower

OP

LLC

30,000

4.125

03/15/29

29,320

246,062

Revenue

–

0.1%

SSM

Health

Care

Corp.

10,000

4.894

06/01/28

10,049

Software

–

0.9%

Oracle

Corp.

35,000

1.650

03/25/26

33,665

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Software

–

(continued)

Oracle

Corp.

–

(continued)

$

50,000

3.250

%

11/15/27

$

48,345

82,010

Technology

–

5.8%

Apple,

Inc.

32,000

3.350

02/09/27

31,382

50,000

4.000

05/10/28

49,726

41,000

2.200

09/11/29

37,367

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

17,000

3.875

01/15/27

16,756

Broadcom,

Inc.

30,000

4.750

04/15/29

29,994

25,000

5.050

07/12/29

25,251

Cisco

Systems,

Inc.

35,000

4.800

02/26/27

35,341

Dell

International

LLC

/

EMC

Corp.

35,000

5.250

02/01/28

35,679

25,000

5.300

10/01/29

25,548

Fiserv,

Inc.

24,000

3.200

07/01/26

23,439

20,000

3.500

07/01/29

18,967

Hewlett

Packard

Enterprise

Co.

25,000

4.550

10/15/29

24,800

Intel

Corp.

40,000

4.875

02/10/28

40,069

International

Business

Machines

Corp.

46,000

6.220

08/01/27

47,919

Intuit,

Inc.

16,000

1.350

07/15/27

14,779

Jabil,

Inc.

40,000

4.250

05/15/27

39,500

Keysight

Technologies,

Inc.

8,000

4.600

04/06/27

7,979

Microsoft

Corp.

31,000

3.300

02/06/27

30,413

TD

SYNNEX

Corp.

10,000

2.375

08/09/28

9,162

544,071

Transportation

–

1.1%

CSX

Corp.

17,000

3.250

06/01/27

16,504

Ryder

System,

Inc.

,

MTN

5,000

1.750

09/01/26

4,745

8,000

2.900

12/01/26

7,714

20,000

5.650

03/01/28

20,599

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

Series

14-1

32,800

3.227

05/14/26

32,005

United

Airlines,

Inc.

Pass-Through

Trust

,

Series

2013-1,

Class

A

14,095

4.300

08/15/25

13,978

United

Airlines,

Inc.

Pass-Through

Trust

,

Series

2020-1,

Class

A

9,554

5.875

10/15/27

9,783

105,328

Water

–

0.2%

American

Water

Capital

Corp.

20,000

3.750

09/01/28

19,397

Wireless

–

3.4%

American

Tower

Corp.

13,000

3.375

10/15/26

12,685

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Wireless

–

(continued)

American

Tower

Corp.

–

(continued)

$

40,000

5.500

%

03/15/28

$

40,922

AT&T,

Inc.

21,000

1.700

03/25/26

20,216

10,000

1.650

02/01/28

9,135

20,000

4.350

03/01/29

19,782

Crown

Castle,

Inc.

35,000

5.000

01/11/28

35,253

Sprint

LLC

30,000

7.625

03/01/26

30,769

T-Mobile

USA,

Inc.

16,000

3.750

04/15/27

15,694

70,000

2.050

02/15/28

64,731

Verizon

Communications,

Inc.

25,000

2.100

03/22/28

23,065

50,000

4.329

09/21/28

49,559

321,811

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$7,884,662)

7,943,949

a

Foreign

Corporate

Debt

–

13.9%

Banks

–

10.3%

Bank

of

Montreal

(

Canada

)

30,000

5.203

02/01/28

30,526

25,000

5.717

09/25/28

25,932

Bank

of

Nova

Scotia

(The)

(

Canada

)

17,000

1.050

03/02/26

16,276

17,000

2.700

08/03/26

16,494

50,000

2.951

03/11/27

48,288

Canadian

Imperial

Bank

of

Commerce

(

Canada

)

40,000

5.001

04/28/28

40,398

Deutsche

Bank

AG

(

Germany

)

150,000

5.414

05/10/29

152,971

HSBC

Holdings

PLC

(

United

Kingdom

)

(

SOFR

+

1.970%

)

200,000

6.161

03/09/29

(a)

207,173

Mitsubishi

UFJ

Financial

Group,

Inc.

(

Japan

)

20,000

3.287

07/25/27

19,415

60,000

3.741

03/07/29

58,193

Royal

Bank

of

Canada

(

Canada

)

31,000

3.625

05/04/27

30,421

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

40,000

1.150

07/14/26

37,945

20,000

4.240

08/03/27

19,894

Sumitomo

Mitsui

Financial

Group,

Inc.

(

Japan

)

20,000

3.446

01/11/27

19,552

30,000

3.352

10/18/27

29,005

50,000

3.544

01/17/28

48,389

20,000

3.944

07/19/28

19,580

Toronto-Dominion

Bank

(The)

,

MTN

(

Canada

)

100,000

1.200

06/03/26

95,087

Westpac

Banking

Corp.

(

Australia

)

30,000

5.050

04/16/29

30,685

Westpac

Banking

Corp.

,

GMTN

(

Australia

)

(

USD

5

Year

Swap

+

2.236%

)

30,000

4.322

11/23/31

(a)

29,570

975,794

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Brokerage

–

0.5%

Brookfield

Finance,

Inc.

(

Canada

)

$

50,000

3.900

%

01/25/28

$

48,962

Consumer

Cyclical

–

0.3%

Toyota

Motor

Corp.

(

Japan

)

28,000

1.339

03/25/26

26,872

Consumer

Noncyclical

–

0.4%

BAT

International

Finance

PLC

(

United

Kingdom

)

35,000

5.931

02/02/29

36,455

Energy

–

0.3%

Enbridge,

Inc.

(

Canada

)

(

3M

U.S.

T-Bill

MMY

+

3.903%

)

16,000

6.250

03/01/78

(a)

15,800

Transcanada

Trust

(

Canada

)

(

3M

USD

LIBOR

+

3.208%

)

10,000

5.300

03/15/77

(a)

9,769

25,569

Financial

Company

–

0.3%

ORIX

Corp.

(

Japan

)

30,000

5.000

09/13/27

30,185

Food

and

Beverage

–

0.6%

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

50,000

4.750

01/23/29

50,509

Forest

Products

&

Paper

–

0.2%

Suzano

Austria

GmbH

(

Brazil

)

17,000

2.500

09/15/28

15,394

Insurance

–

0.6%

Manulife

Financial

Corp.

(

Canada

)

60,000

2.484

05/19/27

57,087

Technology

–

0.4%

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(

China

)

40,000

3.875

06/18/26

39,541

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$1,290,557)

1,306,368

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

23,365

4.541%

23,365

(Cost

$23,365)

TOTAL

INVESTMENTS

–

98.2%

(Cost

$9,198,584)

$

9,273,682

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.8%

168,892

NET

ASSETS

–

100.0%

$

9,442,574

  a

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

November

30,

2024.

(b)

Represents

an

affiliated

issuer.

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

1-5

YEAR

BOND

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Investment

Abbreviations:

CMT

—

Constant

Maturity

Treasury

Index

GMTN

—

Global

Medium

Term

Note

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

T-Bill

—

Treasury

Bill

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

81.9%

Aerospace

&

Defense

–

1.5%

General

Dynamics

Corp.

$

600,000

3.500

%

04/01/27

$

588,023

400,000

3.750

05/15/28

391,010

250,000

4.250

04/01/40

227,159

384,000

4.250

04/01/50

334,733

L3Harris

Technologies,

Inc.

770,000

4.400

06/15/28

761,864

Lockheed

Martin

Corp.

250,000

5.100

11/15/27

254,804

620,000

5.250

01/15/33

640,675

1,000,000

4.750

02/15/34

993,130

193,000

4.070

12/15/42

168,062

260,000

3.800

03/01/45

213,861

100,000

4.700

05/15/46

93,338

200,000

2.800

06/15/50

131,699

168,000

4.090

09/15/52

139,877

220,000

4.150

06/15/53

184,605

200,000

5.700

11/15/54

213,991

148,000

5.900

11/15/63

162,575

Northrop

Grumman

Corp.

1,420,000

4.030

10/15/47

1,170,025

300,000

5.250

05/01/50

293,302

400,000

5.200

06/01/54

390,917

RTX

Corp.

330,000

5.750

11/08/26

336,853

1,424,000

6.000

03/15/31

1,516,769

1,000,000

6.100

03/15/34

1,073,586

520,000

4.500

06/01/42

470,224

856,000

4.150

05/15/45

719,871

400,000

3.750

11/01/46

315,295

540,000

4.625

11/16/48

484,506

490,000

2.820

09/01/51

312,170

12,582,924

Agriculture

–

0.5%

Archer-Daniels-Midland

Co.

562,000

3.250

03/27/30

523,991

448,000

2.900

03/01/32

396,128

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co.

Sarl

250,000

2.500

01/15/27

237,824

100,000

3.000

05/15/32

85,128

146,000

5.750

04/01/33

148,630

700,000

6.750

03/15/34

767,411

960,000

4.375

02/02/52

756,956

530,000

6.500

12/01/52

562,173

350,000

7.250

11/15/53

410,816

3,889,057

Banks

–

20.8%

American

Express

Co.

649,000

4.200

11/06/25

646,863

660,000

4.900

02/13/26

661,896

470,000

3.125

05/20/26

460,751

250,000

1.650

11/04/26

236,464

300,000

3.300

05/03/27

291,426

200,000

5.850

11/05/27

207,244

600,000

4.050

05/03/29

589,470

200,000

4.050

12/03/42

175,668

(

SOFR

+

0.970%

)

200,000

5.389

07/28/27

(a)

202,046

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(

SOFRINDX

+

1.280%

)

$

1,000,000

5.282

%

07/27/29

(a)

$

1,017,110

(

SOFR

+

1.940%

)

250,000

6.489

10/30/31

(a)

270,870

(

SOFR

+

2.255%

)

192,000

4.989

05/26/33

(a)

191,292

Bank

of

America

Corp.

(

SOFR

+

0.960%

)

1,739,000

1.734

07/22/27

(a)

1,657,389

(

SOFR

+

1.340%

)

590,000

5.933

09/15/27

(a)

602,047

(

3M

U.S.

T-Bill

MMY

+

1.774

)

485,000

3.705

04/24/28

(a)

474,051

(

SOFR

+

1.990%

)

484,000

6.204

11/10/28

(a)

505,074

(

3M

U.S.

T-Bill

MMY

+

1.302

)

1,148,000

3.419

12/20/28

(a)

1,102,814

(

SOFR

+

1.570%

)

290,000

5.819

09/15/29

(a)

300,548

(

SOFR

+

2.150%

)

519,000

2.592

04/29/31

(a)

461,921

(

SOFR

+

1.320%

)

1,170,000

2.687

04/22/32

(a)

1,023,305

(

SOFR

+

1.220%

)

882,000

2.299

07/21/32

(a)

749,946

(

SOFR

+

1.210%

)

700,000

2.572

10/20/32

(a)

600,987

(

SOFR

+

1.910%

)

1,410,000

5.288

04/25/34

(a)

1,430,601

(

SOFR

+

1.840%

)

2,120,000

5.872

09/15/34

(a)

2,233,362

(

US

5

Year

CMT

T-Note

+

1.200%

)

334,000

2.482

09/21/36

(a)

277,759

860,000

6.110

01/29/37

918,650

370,000

7.750

05/14/38

448,907

(

US

5

Year

CMT

T-Note

+

2.000%

)

100,000

3.846

03/08/37

(a)

90,375

(

3M

U.S.

T-Bill

MMY

+

2.076

)

418,000

4.244

04/24/38

(a)

383,247

(

SOFR

+

1.580%

)

551,000

3.311

04/22/42

(a)

431,021

(

3M

U.S.

T-Bill

MMY

+

1.452

)

190,000

3.946

01/23/49

(a)

155,816

Bank

of

America

Corp.

,

GMTN

170,000

3.500

04/19/26

167,061

(

3M

U.S.

T-Bill

MMY

+

1.632%

)

1,148,000

3.593

07/21/28

(a)

1,114,145

Bank

of

America

Corp.

,

MTN

101,000

4.450

03/03/26

100,311

423,000

4.250

10/22/26

418,942

262,000

3.248

10/21/27

253,210

96,000

5.875

02/07/42

103,711

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Bank

of

America

Corp.,

MTN

–

(continued)

$

144,000

5.000

%

01/21/44

$

140,676

(

3M

U.S.

T-Bill

MMY

+

1.322%

)

710,000

3.559

04/23/27

(a)

697,801

(

3M

U.S.

T-Bill

MMY

+

1.837

)

628,000

3.824

01/20/28

(a)

616,163

(

SOFR

+

1.050%

)

490,000

2.551

02/04/28

(a)

468,126

(

SOFR

+

2.040%

)

1,326,000

4.948

07/22/28

(a)

1,331,974

(

3M

U.S.

T-Bill

MMY

+

1.332

)

150,000

3.970

03/05/29

(a)

146,264

(

SOFR

+

1.060%

)

680,000

2.087

06/14/29

(a)

621,289

(

3M

U.S.

T-Bill

MMY

+

1.572%

)

1,445,000

4.271

07/23/29

(a)

1,420,252

(

3M

U.S.

T-Bill

MMY

+

1.472

)

644,000

3.974

02/07/30

(a)

622,309

(

3M

U.S.

T-Bill

MMY

+

1.442

)

420,000

3.194

07/23/30

(a)

391,598

(

3M

U.S.

T-Bill

MMY

+

1.452

)

281,000

2.884

10/22/30

(a)

257,102

(

3M

U.S.

T-Bill

MMY

+

1.252

)

525,000

2.496

02/13/31

(a)

468,240

(

SOFR

+

1.530%

)

930,000

1.898

07/23/31

(a)

793,547

(

SOFR

+

1.370%

)

1,190,000

1.922

10/24/31

(a)

1,005,120

(

SOFR

+

1.330%

)

622,000

2.972

02/04/33

(a)

545,610

(

3M

U.S.

T-Bill

MMY

+

1.582

)

208,000

4.078

04/23/40

(a)

184,576

(

SOFR

+

1.930%

)

1,094,000

2.676

06/19/41

(a)

791,535

(

3M

U.S.

T-Bill

MMY

+

2.252

)

354,000

4.443

01/20/48

(a)

313,560

(

3M

U.S.

T-Bill

MMY

+

1.782

)

477,000

4.330

03/15/50

(a)

414,809

(

3M

U.S.

T-Bill

MMY

+

3.412

)

2,826,000

4.083

03/20/51

(a)

2,346,395

Bank

of

America

Corp.

,

Series

L

421,000

4.183

11/25/27

414,452

Bank

of

America

Corp.

,

Series

N

(

SOFR

+

1.220%

)

500,000

2.651

03/11/32

(a)

438,284

Bank

of

America

NA

250,000

5.526

08/18/26

254,165

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Bank

of

America

NA

–

(continued)

$

500,000

6.000

%

10/15/36

$

535,184

Bank

of

New

York

Mellon

Corp.

(The)

,

MTN

50,000

2.800

05/04/26

48,875

1,000,000

2.050

01/26/27

951,903

290,000

3.250

05/16/27

281,937

636,000

3.400

01/29/28

616,586

372,000

3.850

04/28/28

365,354

144,000

3.300

08/23/29

135,260

(

3M

U.S.

T-Bill

MMY

+

1.331%

)

1,087,000

3.442

02/07/28

(a)

1,054,460

(

SOFR

+

1.845%

)

810,000

6.474

10/25/34

(a)

892,375

Capital

One

Financial

Corp.

402,000

3.750

03/09/27

392,391

300,000

3.650

05/11/27

292,750

434,000

3.800

01/31/28

420,464

(

SOFR

+

0.855%

)

200,000

1.878

11/02/27

(a)

189,358

(

SOFR

+

2.057%

)

226,000

4.927

05/10/28

(a)

226,581

(

SOFR

+

2.080%

)

200,000

5.468

02/01/29

(a)

202,953

(

SOFR

+

2.640%

)

1,000,000

6.312

06/08/29

(a)

1,037,538

(

SOFR

+

1.337%

)

180,000

2.359

07/29/32

(a)

147,898

(

SOFR

+

2.370%

)

1,068,000

5.268

05/10/33

(a)

1,067,699

(

SOFR

+

2.600%

)

1,000,000

5.817

02/01/34

(a)

1,031,018

(

SOFR

+

2.860%

)

500,000

6.377

06/08/34

(a)

530,441

Charles

Schwab

Corp.

(The)

1,610,000

0.900

03/11/26

1,533,307

2,000,000

1.150

05/13/26

1,902,469

750,000

5.875

08/24/26

763,790

Citibank

NA

250,000

5.803

09/29/28

260,365

2,000,000

5.570

04/30/34

2,084,191

Citigroup,

Inc.

750,000

3.700

01/12/26

741,623

750,000

3.400

05/01/26

734,562

700,000

4.125

07/25/28

684,362

1,080,000

5.300

05/06/44

1,060,271

600,000

4.650

07/30/45

547,545

100,000

4.750

05/18/46

90,763

(

SOFR

+

0.765%

)

1,500,000

1.122

01/28/27

(a)

1,439,355

(

SOFR

+

0.770%

)

100,000

1.462

06/09/27

(a)

95,273

(

3M

U.S.

T-Bill

MMY

+

1.454

)

1,150,000

4.075

04/23/29

(a)

1,117,594

(

SOFR

+

1.364%

)

500,000

5.174

02/13/30

(a)

504,884

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(

3M

U.S.

T-Bill

MMY

+

1.600%

)

$

740,000

3.980

%

03/20/30

(a)

$

713,730

(

SOFR

+

1.422%

)

100,000

2.976

11/05/30

(a)

91,428

(

SOFR

+

2.107%

)

200,000

2.572

06/03/31

(a)

177,146

(

SOFR

+

1.177%

)

100,000

2.520

11/03/32

(a)

85,330

(

SOFR

+

1.939%

)

1,700,000

3.785

03/17/33

(a)

1,564,856

(

SOFR

+

2.086%

)

700,000

4.910

05/24/33

(a)

692,264

(

SOFR

+

2.338%

)

500,000

6.270

11/17/33

(a)

536,582

(

SOFR

+

2.661%

)

1,250,000

6.174

05/25/34

(a)

1,308,006

(

SOFR

+

2.056%

)

500,000

5.827

02/13/35

(a)

509,657

(

SOFR

+

1.447%

)

1,500,000

5.449

06/11/35

(a)

1,532,461

(

3M

U.S.

T-Bill

MMY

+

1.43

)

100,000

3.878

01/24/39

(a)

86,596

(

SOFR

+

4.548%

)

840,000

5.316

03/26/41

(a)

838,554

(

SOFR

+

1.379%

)

450,000

2.904

11/03/42

(a)

331,189

Citizens

Bank

NA

(

SOFR

+

2.000%

)

655,000

4.575

08/09/28

(a)

651,379

Citizens

Financial

Group,

Inc.

92,000

3.250

04/30/30

84,265

Discover

Financial

Services

100,000

4.100

02/09/27

98,827

1,640,000

6.700

11/29/32

1,789,508

Fifth

Third

Bancorp

456,000

2.550

05/05/27

433,211

190,000

8.250

03/01/38

232,177

(

SOFRINDX

+

2.192%

)

300,000

6.361

10/27/28

(a)

311,825

(

SOFRINDX

+

2.127%

)

1,100,000

4.772

07/28/30

(a)

1,091,066

Fifth

Third

Bank

NA

560,000

3.850

03/15/26

551,302

Huntington

Bancshares,

Inc.

(

SOFR

+

2.020%

)

490,000

6.208

08/21/29

(a)

510,958

100,000

2.550

02/04/30

88,703

JPMorgan

Chase

&

Co.

350,000

3.300

04/01/26

344,606

290,000

3.200

06/15/26

284,413

290,000

4.125

12/15/26

286,749

163,000

4.250

10/01/27

162,193

184,000

3.625

12/01/27

179,019

513,000

6.400

05/15/38

580,816

147,000

5.500

10/15/40

152,145

226,000

5.600

07/15/41

236,451

328,000

5.400

01/06/42

335,350

170,000

5.625

08/16/43

177,388

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

JPMorgan

Chase

&

Co.

–

(continued)

$

701,000

4.850

%

02/01/44

$

675,032

494,000

4.950

06/01/45

470,075

(

SOFR

+

0.800%

)

800,000

1.045

11/19/26

(a)

772,756

(

3M

U.S.

T-Bill

MMY

+

1.507

)

640,000

3.960

01/29/27

(a)

634,409

(

SOFR

+

0.885%

)

600,000

1.578

04/22/27

(a)

574,492

(

3M

U.S.

T-Bill

MMY

+

1.599

)

653,000

3.782

02/01/28

(a)

640,296

(

SOFR

+

1.170%

)

655,000

2.947

02/24/28

(a)

630,139

(

SOFR

+

0.930%

)

120,000

5.571

04/22/28

(a)

122,302

(

SOFR

+

1.560%

)

950,000

4.323

04/26/28

(a)

941,562

(

3M

U.S.

T-Bill

MMY

+

1.642

)

1,064,000

3.540

05/01/28

(a)

1,035,241

622,000

3.964

11/15/48

(a)

511,252

(

SOFR

+

1.890%

)

1,002,000

2.182

06/01/28

(a)

942,426

(

SOFR

+

1.990%

)

477,000

4.851

07/25/28

(a)

478,356

(

3M

U.S.

T-Bill

MMY

+

1.207

)

1,922,000

3.509

01/23/29

(a)

1,855,297

(

3M

U.S.

T-Bill

MMY

+

1.382

)

618,000

4.005

04/23/29

(a)

603,294

(

SOFR

+

1.015%

)

450,000

2.069

06/01/29

(a)

411,586

(

SOFR

+

1.570%

)

700,000

6.087

10/23/29

(a)

732,970

(

3M

U.S.

T-Bill

MMY

+

1.592

)

2,450,000

4.452

12/05/29

(a)

2,419,936

(

3M

U.S.

T-Bill

MMY

+

1.422

)

564,000

3.702

05/06/30

(a)

539,582

(

SOFR

+

1.750%

)

1,140,000

4.565

06/14/30

(a)

1,127,088

(

3M

U.S.

T-Bill

MMY

+

1.51

)

692,000

2.739

10/15/30

(a)

629,608

360,000

2.525

11/19/41

(a)

255,390

(

SOFR

+

1.040%

)

290,000

4.603

10/22/30

(a)

287,687

(

3M

U.S.

T-Bill

MMY

+

3.79

)

400,000

4.493

03/24/31

(a)

394,251

(

SOFR

+

2.040%

)

1,130,000

2.522

04/22/31

(a)

1,006,650

(

3M

U.S.

T-Bill

MMY

+

2.515

)

2,748,000

2.956

05/13/31

(a)

2,485,705

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(

3M

U.S.

T-Bill

MMY

+

1.105

)

$

80,000

1.764

%

11/19/31

(a)

$

67,386

(

SOFR

+

1.065%

)

1,052,000

1.953

02/04/32

(a)

888,054

(

3M

U.S.

T-Bill

MMY

+

1.25

)

1,104,000

2.580

04/22/32

(a)

964,678

(

SOFR

+

1.180%

)

1,067,000

2.545

11/08/32

(a)

916,250

(

SOFR

+

1.260%

)

600,000

2.963

01/25/33

(a)

528,194

(

SOFR

+

1.800%

)

500,000

4.586

04/26/33

(a)

487,732

(

SOFR

+

1.845%

)

1,000,000

5.350

06/01/34

(a)

1,019,761

(

SOFR

+

1.810%

)

680,000

6.254

10/23/34

(a)

733,876

(

SOFR

+

1.460%

)

2,630,000

5.294

07/22/35

(a)

2,668,992

100,000

3.157

04/22/42

(a)

77,173

(

3M

U.S.

T-Bill

MMY

+

1.622

)

485,000

3.882

07/24/38

(a)

428,088

(

3M

U.S.

T-Bill

MMY

+

2.46

)

370,000

3.109

04/22/41

(a)

287,398

(

3M

U.S.

T-Bill

MMY

+

1.842

)

271,000

4.260

02/22/48

(a)

234,898

(

3M

U.S.

T-Bill

MMY

+

1.722

)

268,000

4.032

07/24/48

(a)

223,575

(

3M

U.S.

T-Bill

MMY

+

1.482

)

290,000

3.897

01/23/49

(a)

238,072

(

SOFR

+

2.440%

)

368,000

3.109

04/22/51

(a)

260,131

(

SOFR

+

1.580%

)

760,000

3.328

04/22/52

(a)

553,213

JPMorgan

Chase

Bank

NA

250,000

5.110

12/08/26

253,016

KeyBank

NA

640,000

4.900

08/08/32

618,837

KeyCorp

(

SOFRINDX

+

2.420%

)

850,000

6.401

03/06/35

(a)

908,079

KeyCorp

,

MTN

100,000

4.100

04/30/28

97,314

690,000

2.550

10/01/29

619,373

M&T

Bank

Corp.

(

SOFR

+

2.800%

)

650,000

7.413

10/30/29

(a)

698,900

Manufacturers

&

Traders

Trust

Co.

1,610,000

4.700

01/27/28

1,602,393

Morgan

Stanley

(

SOFR

+

1.770%

)

450,000

6.138

10/16/26

(a)

455,466

250,000

3.950

04/23/27

245,581

600,000

3.591

07/22/28

(a)

577,762

645,000

3.971

07/22/38

(a)

569,338

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

()

–

(continued)

$

314,000

6.375

%

07/24/42

$

356,315

360,000

4.300

01/27/45

317,318

(

SOFR

+

1.610%

)

400,000

4.210

04/20/28

(a)

395,563

(

SOFR

+

1.290%

)

3,780,000

2.943

01/21/33

(a)

3,313,843

(

SOFR

+

1.730%

)

1,000,000

5.466

01/18/35

(a)

1,020,186

(

SOFR

+

1.360%

)

533,000

2.484

09/16/36

(a)

442,219

(

SOFR

+

2.620%

)

1,715,000

5.297

04/20/37

(a)

1,698,304

(

US

5

Year

CMT

T-Note

+

2.430%

)

100,000

5.948

01/19/38

(a)

102,607

(

3M

U.S.

T-Bill

MMY

+

1.693

)

1,150,000

4.457

04/22/39

(a)

1,070,753

(

SOFR

+

1.485%

)

268,000

3.217

04/22/42

(a)

208,814

Morgan

Stanley

,

GMTN

340,000

3.875

01/27/26

337,119

140,000

4.350

09/08/26

139,013

(

3M

U.S.

T-Bill

MMY

+

1.402

)

410,000

3.772

01/24/29

(a)

398,354

(

SOFR

+

1.143%

)

650,000

2.699

01/22/31

(a)

585,367

(

SOFR

+

4.840%

)

50,000

5.597

03/24/51

(a)

52,669

Morgan

Stanley

,

MTN

(

SOFR

+

1.590%

)

1,120,000

5.164

04/20/29

(a)

1,131,733

(

SOFR

+

1.034%

)

2,280,000

1.794

02/13/32

(a)

1,899,503

(

SOFR

+

1.870%

)

200,000

5.250

04/21/34

(a)

201,254

(

SOFR

+

1.880%

)

1,700,000

5.424

07/21/34

(a)

1,735,132

815,000

4.375

01/22/47

722,132

(

SOFR

+

1.430%

)

1,920,000

2.802

01/25/52

(a)

1,269,040

Morgan

Stanley

Bank

NA

250,000

4.754

04/21/26

250,479

250,000

5.882

10/30/26

255,829

Northern

Trust

Corp.

1,000,000

3.950

10/30/25

995,143

1,750,000

1.950

05/01/30

1,518,275

PNC

Bank

NA

1,580,000

4.050

07/26/28

1,541,891

500,000

2.700

10/22/29

450,287

PNC

Financial

Services

Group,

Inc.

(The)

1,150,000

2.600

07/23/26

1,114,673

390,000

3.150

05/19/27

377,096

1,320,000

3.450

04/23/29

1,259,806

(

SOFRINDX

+

1.085%

)

100,000

4.758

01/26/27

(a)

99,951

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

(

SOFR

+

1.841%

)

$

1,300,000

5.582

%

06/12/29

(a)

$

1,332,908

(

SOFR

+

1.198%

)

850,000

5.492

05/14/30

(a)

871,836

(

SOFRINDX

+

2.140%

)

250,000

6.037

10/28/33

(a)

263,456

(

SOFR

+

2.284%

)

500,000

6.875

10/20/34

(a)

560,008

Santander

Holdings

USA,

Inc.

920,000

3.244

10/05/26

891,892

(

SOFR

+

1.249%

)

444,000

2.490

01/06/28

(a)

422,953

(

SOFR

+

2.356%

)

223,000

6.499

03/09/29

(a)

231,180

State

Street

Corp.

(

SOFR

+

1.018%

)

300,000

4.530

02/20/29

(a)

299,180

600,000

2.400

01/24/30

540,451

140,000

2.200

03/03/31

121,208

Synchrony

Financial

724,000

3.950

12/01/27

695,551

(

SOFRINDX

+

2.130%

)

220,000

5.935

08/02/30

(a)

224,805

Truist

Bank

350,000

3.800

10/30/26

343,451

Truist

Financial

Corp.

,

MTN

(

SOFR

+

2.050%

)

570,000

6.047

06/08/27

(a)

580,764

(

SOFR

+

1.368%

)

200,000

4.123

06/06/28

(a)

196,773

(

SOFR

+

1.435%

)

1,114,000

4.873

01/26/29

(a)

1,114,777

(

SOFR

+

1.620%

)

1,000,000

5.435

01/24/30

(a)

1,016,956

(

SOFR

+

2.240%

)

1,166,000

4.916

07/28/33

(a)

1,127,530

(

SOFR

+

1.922%

)

330,000

5.711

01/24/35

(a)

340,224

U.S.

Bancorp

(

SOFR

+

1.880%

)

490,000

6.787

10/26/27

(a)

506,715

(

SOFR

+

2.090%

)

1,350,000

5.850

10/21/33

(a)

1,414,634

(

US

5

Year

CMT

T-Note

+

0.950%

)

300,000

2.491

11/03/36

(a)

247,763

U.S.

Bancorp

,

MTN

386,000

3.100

04/27/26

378,005

755,000

3.900

04/26/28

736,985

1,337,000

3.000

07/30/29

1,236,435

300,000

1.375

07/22/30

251,357

(

SOFR

+

0.730%

)

300,000

2.215

01/27/28

(a)

284,694

(

SOFR

+

1.660%

)

390,000

4.548

07/22/28

(a)

388,435

(

SOFR

+

1.020%

)

950,000

2.677

01/27/33

(a)

817,791

U.S.

Bancorp

,

Series

V

100,000

2.375

07/22/26

96,681

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

U.S.

Bancorp

,

Series

X

$

535,000

3.150

%

04/27/27

$

518,899

Wachovia

Corp.

250,000

5.500

08/01/35

254,745

Wells

Fargo

&

Co.

815,000

3.000

04/22/26

794,257

1,234,000

3.000

10/23/26

1,197,422

550,000

5.375

11/02/43

537,326

899,000

3.900

05/01/45

742,990

(

SOFR

+

2.060%

)

1,345,000

6.491

10/23/34

(a)

1,464,774

(

SOFR

+

2.530%

)

1,119,000

3.068

04/30/41

(a)

853,963

Wells

Fargo

&

Co.

,

GMTN

314,000

4.300

07/22/27

311,219

404,000

4.900

11/17/45

367,308

Wells

Fargo

&

Co.

,

MTN

226,000

4.100

06/03/26

223,743

2,490,000

4.150

01/24/29

2,438,253

293,000

4.400

06/14/46

248,060

400,000

4.750

12/07/46

354,768

(

3M

U.S.

T-Bill

MMY

+

1.432%

)

320,000

3.196

06/17/27

(a)

312,295

(

SOFR

+

1.510%

)

50,000

3.526

03/24/28

(a)

48,650

(

SOFR

+

1.070%

)

550,000

5.707

04/22/28

(a)

561,252

(

3M

U.S.

T-Bill

MMY

+

1.572%

)

168,000

3.584

05/22/28

(a)

163,271

(

SOFR

+

2.100%

)

955,000

2.393

06/02/28

(a)

901,412

900,000

4.897

07/25/33

(a)

889,189

(

SOFR

+

1.980%

)

500,000

4.808

07/25/28

(a)

500,640

(

SOFR

+

1.740%

)

1,625,000

5.574

07/25/29

(a)

1,665,328

(

3M

U.S.

T-Bill

MMY

+

1.432

)

976,000

2.879

10/30/30

(a)

891,533

(

3M

U.S.

T-Bill

MMY

+

1.262

)

900,000

2.572

02/11/31

(a)

804,701

(

3M

U.S.

T-Bill

MMY

+

4.032

)

200,000

4.478

04/04/31

(a)

196,101

(

SOFR

+

1.500%

)

750,000

3.350

03/02/33

(a)

672,881

(

SOFR

+

1.990%

)

1,215,000

5.557

07/25/34

(a)

1,248,253

(

3M

U.S.

T-Bill

MMY

+

4.502

)

1,192,000

5.013

04/04/51

(a)

1,134,096

(

SOFR

+

2.130%

)

830,000

4.611

04/25/53

(a)

749,383

Wells

Fargo

Bank

NA

490,000

5.450

08/07/26

497,105

280,000

5.850

02/01/37

293,079

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Wells

Fargo

Bank

NA

–

(continued)

$

690,000

6.600

%

01/15/38

$

774,632

180,480,182

Basic

Industry

–

0.8%

Air

Products

and

Chemicals,

Inc.

154,000

2.700

05/15/40

114,948

Celanese  U.S.

Holdings

LLC

200,000

6.165

07/15/27

204,257

600,000

6.600

11/15/28

620,993

100,000

6.800

11/15/30

104,985

500,000

6.950

11/15/33

533,686

Dow

Chemical

Co.

(The)

568,000

7.375

11/01/29

629,940

200,000

4.375

11/15/42

171,282

390,000

5.550

11/30/48

383,715

200,000

3.600

11/15/50

145,010

DuPont

de

Nemours,

Inc.

370,000

5.319

11/15/38

383,682

150,000

5.419

11/15/48

158,258

LYB

International

Finance

BV

970,000

5.250

07/15/43

922,043

617,000

4.875

03/15/44

556,363

LYB

International

Finance

III

LLC

240,000

4.200

10/15/49

190,561

263,000

4.200

05/01/50

208,002

90,000

3.625

04/01/51

64,733

LyondellBasell

Industries

NV

200,000

4.625

02/26/55

166,915

Sherwin-Williams

Co.

(The)

288,000

3.450

06/01/27

280,351

1,000,000

2.950

08/15/29

925,433

300,000

4.500

06/01/47

264,375

Weyerhaeuser

Co.

92,000

4.000

11/15/29

88,663

100,000

4.000

04/15/30

96,151

7,214,346

Broadcasting

–

0.2%

Fox

Corp.

1,500,000

6.500

10/13/33

1,613,230

Brokerage

–

0.4%

Blackrock,

Inc.

580,000

3.250

04/30/29

552,014

210,000

2.400

04/30/30

188,111

200,000

1.900

01/28/31

171,356

150,000

2.100

02/25/32

126,526

1,800,000

4.750

05/25/33

1,800,480

Jefferies

Financial

Group,

Inc.

200,000

5.875

07/21/28

205,434

365,000

4.150

01/23/30

352,091

244,000

2.625

10/15/31

209,470

3,605,482

Capital

Goods

–

2.0%

3M

Co.

600,000

3.250

08/26/49

433,595

3M

Co.

,

MTN

200,000

4.000

09/14/48

168,953

Berry

Global,

Inc.

150,000

5.800

06/15/31

(b)

154,906

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Capital

Goods

–

(continued)

Carrier

Global

Corp.

$

1,610,000

2.722

%

02/15/30

$

1,452,210

Caterpillar

Financial

Services

Corp.

,

MTN

200,000

4.350

05/15/26

199,932

Caterpillar,

Inc.

40,000

2.600

04/09/30

36,467

80,000

5.200

05/27/41

81,131

388,000

3.803

08/15/42

328,196

246,000

3.250

09/19/49

180,587

Cummins,

Inc.

950,000

5.150

02/20/34

974,970

Deere

&

Co.

104,000

3.900

06/09/42

90,017

190,000

3.750

04/15/50

154,582

Eaton

Corp.

511,000

4.150

03/15/33

492,449

General

Electric

Co.

,

MTN

85,000

6.750

03/15/32

94,909

750,000

5.875

01/14/38

795,041

Honeywell

International,

Inc.

263,000

2.500

11/01/26

254,151

80,000

2.700

08/15/29

74,095

290,000

1.750

09/01/31

242,538

300,000

5.000

02/15/33

305,086

200,000

4.500

01/15/34

195,575

200,000

5.250

03/01/54

198,525

Illinois

Tool

Works,

Inc.

121,000

2.650

11/15/26

117,131

880,000

3.900

09/01/42

750,864

John

Deere

Capital

Corp.

,

MTN

250,000

0.700

01/15/26

239,780

100,000

4.700

06/10/30

100,839

John

Deere

Capital

Corp.

,

Series

I

540,000

5.150

09/08/33

554,751

Otis

Worldwide

Corp.

602,000

2.565

02/15/30

539,474

Parker-Hannifin

Corp.

250,000

4.250

09/15/27

248,276

660,000

3.250

06/14/29

623,661

200,000

4.500

09/15/29

199,522

Regal

Rexnord

Corp.

830,000

6.050

02/15/26

836,956

350,000

6.050

04/15/28

360,364

1,140,000

6.400

04/15/33

1,200,434

Republic

Services,

Inc.

390,000

3.950

05/15/28

381,875

846,000

4.875

04/01/29

854,889

500,000

5.000

04/01/34

501,989

Waste

Management,

Inc.

1,000,000

4.875

02/15/29

1,014,325

900,000

4.625

02/15/30

900,698

304,000

1.500

03/15/31

252,075

Westinghouse

Air

Brake

Technologies

Corp.

316,000

3.450

11/15/26

308,101

306,000

4.700

09/15/28

305,319

17,199,238

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Communications

–

3.5%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

$

536,000

6.150

%

11/10/26

$

547,706

241,000

3.750

02/15/28

231,391

616,000

4.200

03/15/28

598,077

174,000

2.250

01/15/29

154,407

772,000

5.050

03/30/29

764,183

314,000

6.100

06/01/29

323,555

227,000

2.800

04/01/31

194,407

160,000

2.300

02/01/32

129,030

268,000

6.550

06/01/34

280,949

1,005,000

6.384

10/23/35

1,031,863

274,000

5.375

04/01/38

252,002

400,000

3.500

06/01/41

286,485

712,000

6.484

10/23/45

699,096

401,000

5.375

05/01/47

343,345

432,000

5.750

04/01/48

386,104

410,000

5.125

07/01/49

336,481

570,000

4.800

03/01/50

450,877

674,000

3.700

04/01/51

445,408

350,000

3.900

06/01/52

237,371

200,000

5.250

04/01/53

169,962

580,000

5.500

04/01/63

485,077

Comcast

Corp.

280,000

3.150

02/15/28

268,560

400,000

3.550

05/01/28

387,476

400,000

4.150

10/15/28

394,066

490,000

4.550

01/15/29

490,582

150,000

2.650

02/01/30

135,940

400,000

3.400

04/01/30

376,431

270,000

4.250

10/15/30

263,754

500,000

5.500

11/15/32

522,710

600,000

4.250

01/15/33

573,352

500,000

4.650

02/15/33

494,229

300,000

7.050

03/15/33

342,306

250,000

4.800

05/15/33

248,803

1,000,000

4.200

08/15/34

940,991

820,000

5.650

06/15/35

860,166

400,000

4.400

08/15/35

379,020

540,000

3.900

03/01/38

470,566

250,000

4.600

08/15/45

223,609

340,000

4.000

08/15/47

275,905

400,000

3.969

11/01/47

322,280

200,000

4.000

03/01/48

162,458

400,000

4.700

10/15/48

365,315

500,000

3.999

11/01/49

402,832

400,000

3.450

02/01/50

290,920

800,000

2.800

01/15/51

510,092

800,000

2.887

11/01/51

518,232

400,000

2.450

08/15/52

233,750

210,000

5.350

05/15/53

206,623

750,000

2.937

11/01/56

467,956

436,000

4.950

10/15/58

402,464

472,000

2.650

08/15/62

266,833

750,000

2.987

11/01/63

455,350

Netflix,

Inc.

930,000

5.875

11/15/28

974,201

Omnicom

Group

Inc

/

Omnicom

Capital,

Inc.

770,000

3.600

04/15/26

758,979

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Communications

–

(continued)

Omnicom

Group,

Inc.

$

63,000

2.600

%

08/01/31

$

54,683

Time

Warner

Cable

Enterprises

LLC

726,000

8.375

07/15/33

834,322

Time

Warner

Cable

LLC

170,000

6.550

05/01/37

168,901

304,000

7.300

07/01/38

320,398

422,000

6.750

06/15/39

426,479

180,000

5.875

11/15/40

166,010

431,000

5.500

09/01/41

378,741

710,000

4.500

09/15/42

553,703

TWDC

Enterprises

18

Corp.

,

GMTN

290,000

4.125

06/01/44

249,172

TWDC

Enterprises

18

Corp.

,

MTN

245,000

1.850

07/30/26

234,593

102,000

2.950

06/15/27

98,355

Walt

Disney

Co.

(The)

557,000

2.200

01/13/28

522,229

110,000

2.000

09/01/29

98,379

422,000

3.800

03/22/30

408,184

960,000

2.650

01/13/31

860,651

300,000

6.200

12/15/34

335,012

75,000

6.400

12/15/35

84,511

400,000

6.650

11/15/37

459,419

250,000

4.625

03/23/40

239,369

836,000

2.750

09/01/49

551,013

270,000

4.700

03/23/50

251,697

200,000

3.600

01/13/51

154,444

383,000

3.800

05/13/60

295,336

30,080,128

Consumer

Cyclical

–

7.4%

Amazon.com,

Inc.

93,000

5.200

12/03/25

93,613

200,000

1.200

06/03/27

185,474

1,380,000

3.150

08/22/27

1,340,219

400,000

4.650

12/01/29

406,599

473,000

1.500

06/03/30

405,356

600,000

3.600

04/13/32

565,205

180,000

4.800

12/05/34

182,966

715,000

3.875

08/22/37

650,103

400,000

2.875

05/12/41

307,454

208,000

4.950

12/05/44

208,274

659,000

4.050

08/22/47

569,630

400,000

2.500

06/03/50

254,741

1,278,000

3.100

05/12/51

912,101

582,000

4.250

08/22/57

506,571

400,000

2.700

06/03/60

243,809

500,000

3.250

05/12/61

347,268

420,000

4.100

04/13/62

349,468

American

Honda

Finance

Corp.

,

GMTN

200,000

5.800

10/03/25

202,074

250,000

5.125

07/07/28

254,566

200,000

4.900

01/10/34

199,374

American

Honda

Finance

Corp.

,

MTN

100,000

2.000

03/24/28

92,242

Aptiv

PLC

/

Aptiv

Corp.

450,000

3.250

03/01/32

397,538

Booking

Holdings,

Inc.

100,000

3.600

06/01/26

98,682

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

Booking

Holdings,

Inc.

–

(continued)

$

136,000

4.625

%

04/13/30

$

136,145

Costco

Wholesale

Corp.

232,000

3.000

05/18/27

225,498

555,000

1.375

06/20/27

515,876

100,000

1.600

04/20/30

86,306

876,000

1.750

04/20/32

726,389

Dollar

Tree,

Inc.

414,000

4.200

05/15/28

404,387

eBay,

Inc.

350,000

4.000

07/15/42

288,132

Ford

Motor

Co.

100,000

4.346

12/08/26

98,766

1,000,000

3.250

02/12/32

851,711

610,000

4.750

01/15/43

509,453

550,000

5.291

12/08/46

495,850

Ford

Motor

Credit

Co.

LLC

750,000

3.375

11/13/25

737,131

200,000

6.950

06/10/26

204,984

500,000

4.542

08/01/26

494,241

200,000

4.271

01/09/27

196,225

1,455,000

5.800

03/05/27

1,473,137

350,000

4.125

08/17/27

340,509

500,000

2.900

02/16/28

463,889

400,000

6.800

05/12/28

416,555

1,500,000

6.798

11/07/28

1,574,904

300,000

2.900

02/10/29

271,693

500,000

5.113

05/03/29

491,680

500,000

7.350

03/06/30

537,520

1,000,000

7.122

11/07/33

1,074,094

General

Motors

Co.

170,000

6.125

10/01/25

171,350

485,000

5.000

10/01/28

488,864

408,000

5.600

10/15/32

420,985

880,000

6.600

04/01/36

950,053

273,000

5.150

04/01/38

258,345

368,000

6.750

04/01/46

401,968

200,000

5.400

04/01/48

185,729

190,000

5.950

04/01/49

189,557

General

Motors

Financial

Co.,

Inc.

400,000

5.250

03/01/26

401,810

100,000

4.000

10/06/26

98,782

50,000

4.350

01/17/27

49,591

400,000

2.350

02/26/27

379,505

100,000

5.000

04/09/27

100,389

600,000

2.700

08/20/27

568,995

300,000

6.000

01/09/28

309,957

250,000

2.400

10/15/28

228,831

300,000

5.550

07/15/29

306,492

500,000

5.850

04/06/30

518,999

1,040,000

2.350

01/08/31

884,966

250,000

2.700

06/10/31

215,507

Global

Payments,

Inc.

1,000,000

2.900

05/15/30

900,680

610,000

2.900

11/15/31

533,923

Home

Depot,

Inc.

(The)

418,000

3.000

04/01/26

410,380

100,000

2.800

09/14/27

96,052

344,000

3.900

12/06/28

337,874

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

Home

Depot,

Inc.

(The)

–

(continued)

$

100,000

4.900

%

04/15/29

$

101,715

390,000

2.950

06/15/29

364,993

400,000

1.375

03/15/31

328,982

500,000

1.875

09/15/31

420,877

680,000

5.875

12/16/36

737,422

460,000

3.300

04/15/40

372,811

500,000

4.200

04/01/43

439,770

150,000

4.875

02/15/44

143,355

130,000

4.400

03/15/45

116,141

300,000

4.250

04/01/46

261,731

300,000

4.500

12/06/48

270,833

300,000

3.125

12/15/49

212,207

300,000

3.350

04/15/50

220,817

406,000

2.375

03/15/51

243,694

1,000,000

4.950

09/15/52

960,549

300,000

3.500

09/15/56

220,729

Lowe's

Cos.,

Inc.

210,000

4.800

04/01/26

210,529

350,000

3.100

05/03/27

338,155

200,000

1.300

04/15/28

179,726

226,000

1.700

09/15/28

203,363

180,000

1.700

10/15/30

152,205

226,000

3.750

04/01/32

210,642

1,590,000

5.150

07/01/33

1,616,491

892,000

3.000

10/15/50

585,395

758,000

4.250

04/01/52

624,005

624,000

5.625

04/15/53

631,982

Marriott

International,

Inc.

100,000

4.900

04/15/29

100,806

Marriott

International,

Inc.

,

Series

FF

336,000

4.625

06/15/30

333,715

Marriott

International,

Inc.

,

Series

GG

300,000

3.500

10/15/32

269,122

Marriott

International,

Inc.

,

Series

R

170,000

3.125

06/15/26

166,129

Mastercard,

Inc.

143,000

2.950

11/21/26

139,135

144,000

3.300

03/26/27

140,621

1,000,000

4.875

03/09/28

1,015,554

132,000

2.950

06/01/29

124,138

368,000

3.350

03/26/30

347,490

250,000

2.000

11/18/31

212,201

162,000

3.650

06/01/49

128,584

400,000

3.850

03/26/50

326,473

McDonald's

Corp.

900,000

5.450

08/14/53

906,257

McDonald's

Corp.

,

MTN

92,000

3.700

01/30/26

91,168

304,000

3.500

03/01/27

297,124

224,000

3.800

04/01/28

219,182

100,000

2.625

09/01/29

92,120

254,000

2.125

03/01/30

223,835

150,000

3.600

07/01/30

142,496

321,000

4.700

12/09/35

314,296

360,000

6.300

10/15/37

397,903

100,000

6.300

03/01/38

110,841

150,000

4.875

12/09/45

140,466

300,000

4.450

03/01/47

263,607

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

McDonald’s

Corp.,

MTN

–

(continued)

$

296,000

4.450

%

09/01/48

$

258,666

372,000

4.200

04/01/50

309,707

NIKE,

Inc.

115,000

2.375

11/01/26

110,808

190,000

2.750

03/27/27

183,379

204,000

2.850

03/27/30

187,908

250,000

3.250

03/27/40

200,624

390,000

3.875

11/01/45

323,498

340,000

3.375

03/27/50

252,281

Starbucks

Corp.

100,000

4.000

11/15/28

97,923

300,000

3.000

02/14/32

267,276

250,000

4.500

11/15/48

217,950

102,000

4.450

08/15/49

88,372

710,000

3.500

11/15/50

522,256

Target

Corp.

1,778,000

2.350

02/15/30

1,595,714

300,000

2.950

01/15/52

201,903

250,000

4.800

01/15/53

235,052

Toyota

Motor

Credit

Corp.

134,000

4.625

01/12/28

134,614

1,900,000

4.550

08/09/29

1,900,867

Toyota

Motor

Credit

Corp.

,

MTN

100,000

3.200

01/11/27

97,611

1,528,000

1.900

01/13/27

1,450,454

500,000

3.050

03/22/27

485,568

252,000

4.550

09/20/27

252,839

350,000

1.900

04/06/28

322,203

100,000

4.450

06/29/29

99,549

475,000

2.150

02/13/30

421,130

427,000

3.375

04/01/30

400,842

Visa,

Inc.

123,000

3.150

12/14/25

121,426

100,000

1.900

04/15/27

94,536

267,000

2.750

09/15/27

256,409

274,000

2.050

04/15/30

242,140

288,000

1.100

02/15/31

236,823

920,000

4.150

12/14/35

874,805

100,000

2.700

04/15/40

75,920

729,000

4.300

12/14/45

657,284

100,000

3.650

09/15/47

80,275

200,000

2.000

08/15/50

115,538

Walmart,

Inc.

400,000

3.050

07/08/26

391,917

250,000

3.950

09/09/27

248,015

166,000

3.700

06/26/28

163,398

252,000

1.500

09/22/28

228,107

220,000

1.800

09/22/31

187,664

195,000

5.250

09/01/35

206,612

330,000

6.500

08/15/37

385,461

315,000

4.050

06/29/48

272,657

400,000

2.650

09/22/51

262,046

1,340,000

4.500

09/09/52

1,237,973

64,428,368

Consumer

Noncyclical

–

5.4%

Abbott

Laboratories

668,000

3.750

11/30/26

660,098

538,000

4.750

11/30/36

533,157

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Abbott

Laboratories

–

(continued)

$

540,000

4.900

%

11/30/46

$

528,436

AbbVie,

Inc.

291,000

3.200

05/14/26

285,809

190,000

4.250

11/14/28

188,776

625,000

3.200

11/21/29

585,733

525,000

4.550

03/15/35

506,646

290,000

4.500

05/14/35

278,136

566,000

4.050

11/21/39

500,671

1,512,000

5.350

03/15/44

1,534,606

268,000

4.850

06/15/44

253,672

379,000

4.750

03/15/45

353,673

600,000

4.700

05/14/45

558,623

304,000

4.450

05/14/46

270,589

1,220,000

4.875

11/14/48

1,146,766

950,000

4.250

11/21/49

816,813

712,000

5.400

03/15/54

726,111

Altria

Group,

Inc.

100,000

4.400

02/14/26

99,558

1,080,000

4.800

02/14/29

1,079,054

196,000

2.450

02/04/32

164,603

100,000

5.800

02/14/39

102,867

270,000

3.400

02/04/41

205,566

220,000

4.250

08/09/42

183,619

280,000

5.375

01/31/44

276,409

148,000

3.875

09/16/46

113,817

690,000

5.950

02/14/49

708,779

670,000

3.700

02/04/51

485,970

150,000

4.000

02/04/61

112,212

Baxter

International,

Inc.

300,000

1.915

02/01/27

282,781

100,000

3.132

12/01/51

66,136

Becton

Dickinson

&

Co.

200,000

3.700

06/06/27

198,336

200,000

4.693

02/13/28

200,631

732,000

4.669

06/06/47

654,034

Biogen,

Inc.

1,512,000

5.200

09/15/45

1,415,078

Centene

Corp.

1,083,000

4.250

12/15/27

1,051,864

400,000

2.450

07/15/28

362,500

760,000

4.625

12/15/29

729,600

840,000

3.375

02/15/30

758,100

471,000

3.000

10/15/30

412,125

638,000

2.500

03/01/31

534,883

511,000

2.625

08/01/31

427,962

Elevance

Health,

Inc.

920,000

5.375

06/15/34

934,752

290,000

3.600

03/15/51

213,086

304,000

6.100

10/15/52

323,985

Eli

Lilly

&

Co.

70,000

5.000

02/27/26

71,171

1,140,000

4.500

02/09/29

1,144,436

2,000,000

4.200

08/14/29

1,980,864

480,000

4.700

02/09/34

476,995

190,000

3.950

03/15/49

157,949

300,000

2.250

05/15/50

179,121

892,000

2.500

09/15/60

514,220

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Gilead

Sciences,

Inc.

$

1,640,000

4.000

%

09/01/36

$

1,486,942

540,000

2.600

10/01/40

392,136

Johnson

&

Johnson

260,000

2.450

03/01/26

254,155

600,000

1.300

09/01/30

508,594

536,000

3.550

03/01/36

480,887

144,000

3.625

03/03/37

128,248

600,000

3.700

03/01/46

497,454

1,000,000

3.750

03/03/47

828,885

820,000

2.450

09/01/60

480,300

Kroger

Co.

(The)

500,000

3.950

01/15/50

396,561

210,000

5.650

09/15/64

208,010

Medtronic

Global

Holdings

SCA

850,000

4.500

03/30/33

832,402

Medtronic,

Inc.

580,000

4.375

03/15/35

557,731

385,000

4.625

03/15/45

356,263

Merck

&

Co.,

Inc.

750,000

0.750

02/24/26

717,612

150,000

1.700

06/10/27

140,750

100,000

3.400

03/07/29

95,998

1,100,000

4.500

05/17/33

1,084,279

500,000

2.750

12/10/51

322,875

100,000

5.000

05/17/53

96,559

100,000

2.900

12/10/61

61,395

1,000,000

5.150

05/17/63

970,726

Mylan,

Inc.

195,000

4.550

04/15/28

192,416

254,000

5.200

04/15/48

218,886

Philip

Morris

International,

Inc.

1,440,000

5.000

11/17/25

1,446,892

200,000

0.875

05/01/26

189,827

1,000,000

4.750

02/12/27

1,004,326

400,000

5.125

11/17/27

406,425

100,000

4.875

02/15/28

101,001

800,000

5.625

09/07/33

832,008

400,000

3.875

08/21/42

329,267

600,000

4.250

11/10/44

513,722

Regeneron

Pharmaceuticals,

Inc.

346,000

2.800

09/15/50

216,713

Stryker

Corp.

640,000

4.625

03/15/46

591,658

Thermo

Fisher

Scientific,

Inc.

950,000

5.086

08/10/33

966,252

470,000

2.800

10/15/41

344,787

Utah

Acquisition

Sub,

Inc.

275,000

3.950

06/15/26

270,752

200,000

5.250

06/15/46

175,243

Viatris,

Inc.

800,000

2.700

06/22/30

700,577

423,000

4.000

06/22/50

302,679

Zoetis,

Inc.

158,000

3.000

09/12/27

151,812

610,000

4.700

02/01/43

562,415

46,767,798

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Products

–

0.4%

Haleon  U.S.

Capital

LLC

$

300,000

3.375

%

03/24/29

$

284,824

Haleon

US

Capital

LLC

300,000

3.625

03/24/32

277,207

400,000

4.000

03/24/52

325,647

Procter

&

Gamble

Co.

(The)

200,000

2.450

11/03/26

193,106

214,000

1.900

02/01/27

203,662

350,000

2.850

08/11/27

338,010

512,000

3.000

03/25/30

477,795

350,000

1.200

10/29/30

293,099

300,000

1.950

04/23/31

261,131

110,000

2.300

02/01/32

96,626

892,000

4.050

01/26/33

868,988

3,620,095

Electric

–

3.5%

AES

Corp.

(The)

100,000

1.375

01/15/26

95,969

American

Electric

Power

Co.,

Inc.

100,000

5.200

01/15/29

101,822

100,000

5.625

03/01/33

103,273

(

US

5

Year

CMT

T-Note

+

2.675%

)

1,156,000

3.875

02/15/62

(a)

1,091,697

Berkshire

Hathaway

Energy

Co.

100,000

5.150

11/15/43

98,732

300,000

4.450

01/15/49

259,822

600,000

4.250

10/15/50

501,019

100,000

2.850

05/15/51

65,511

Consolidated

Edison

Co.

of

New

York,

Inc.

170,000

3.600

06/15/61

123,649

Constellation

Energy

Generation

LLC

300,000

5.600

03/01/28

308,450

100,000

6.500

10/01/53

112,136

Dominion

Energy,

Inc.

500,000

5.375

11/15/32

513,301

Dominion

Energy,

Inc.

,

Series

A

(

US

5

Year

CMT

T-Note

+

2.386%

)

540,000

6.875

02/01/55

(a)

566,325

DTE

Energy

Co.

250,000

4.875

06/01/28

251,490

Duke

Energy

Carolinas

LLC

830,000

4.950

01/15/33

834,065

345,000

3.200

08/15/49

243,627

Duke

Energy

Corp.

390,000

2.650

09/01/26

377,380

480,000

2.450

06/01/30

425,680

200,000

2.550

06/15/31

176,218

604,000

3.750

09/01/46

466,590

350,000

3.500

06/15/51

251,580

316,000

5.000

08/15/52

291,496

100,000

6.100

09/15/53

106,938

250,000

5.800

06/15/54

255,219

Duke

Energy

Florida

LLC

400,000

6.400

06/15/38

447,003

Eastern

Energy

Gas

Holdings

LLC

1,020,000

5.650

10/15/54

1,021,299

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Entergy

Louisiana

LLC

$

1,560,000

4.000

%

03/15/33

$

1,462,918

242,000

4.200

09/01/48

203,435

Exelon

Corp.

300,000

3.400

04/15/26

295,095

1,500,000

5.150

03/15/28

1,521,958

230,000

4.700

04/15/50

205,880

FirstEnergy

Corp.

,

Series

C

378,000

3.400

03/01/50

270,579

Georgia

Power

Co.

892,000

4.950

05/17/33

895,866

100,000

5.125

05/15/52

97,549

Georgia

Power

Co.

,

Series

A

756,000

3.250

03/15/51

540,937

MidAmerican

Energy

Co.

250,000

3.650

04/15/29

241,382

NiSource,

Inc.

100,000

2.950

09/01/29

92,444

300,000

1.700

02/15/31

249,835

250,000

3.950

03/30/48

200,242

Northern

States

Power

Co.

50,000

5.100

05/15/53

48,971

Pacific

Gas

and

Electric

Co.

210,000

2.100

08/01/27

195,840

892,000

6.100

01/15/29

930,865

92,000

4.550

07/01/30

90,016

270,000

2.500

02/01/31

233,847

705,000

3.250

06/01/31

637,323

300,000

3.300

08/01/40

230,864

100,000

3.950

12/01/47

77,142

600,000

4.950

07/01/50

535,646

100,000

3.500

08/01/50

71,560

1,100,000

6.750

01/15/53

1,236,033

495,000

6.700

04/01/53

559,340

PacifiCorp

260,000

2.900

06/15/52

164,962

370,000

5.350

12/01/53

357,548

710,000

5.500

05/15/54

703,799

Public

Service

Co.

of

Colorado

100,000

1.875

06/15/31

84,165

550,000

5.750

05/15/54

582,556

San

Diego

Gas

&

Electric

Co.

100,000

5.350

04/01/53

100,313

San

Diego

Gas

&

Electric

Co.

,

Series

VVV

300,000

1.700

10/01/30

255,308

Sempra

482,000

3.250

06/15/27

465,911

226,000

3.400

02/01/28

217,547

402,000

6.000

10/15/39

421,996

240,000

4.000

02/01/48

192,180

(

US

5

Year

CMT

T-Note

+

2.868%

)

405,000

4.125

04/01/52

(a)

386,396

(

US

5

Year

CMT

T-Note

+

2.789%

)

712,000

6.875

10/01/54

(a)

729,322

Southern

California

Edison

Co.

92,000

5.850

11/01/27

95,046

100,000

5.950

11/01/32

106,688

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Southern

California

Edison

Co.

–

(continued)

$

250,000

4.650

%

10/01/43

$

228,190

1,547,000

4.000

04/01/47

1,255,523

318,000

3.650

02/01/50

241,937

Southern

California

Edison

Co.

,

Series

20A

220,000

2.950

02/01/51

146,110

Southern

California

Edison

Co.

,

Series

C

200,000

4.125

03/01/48

165,139

Southern

Co.

(The)

1,056,000

3.250

07/01/26

1,034,840

430,000

4.400

07/01/46

370,486

Southern

Co.

(The)

,

Series

B

(

US

5

Year

CMT

T-Note

+

3.733%

)

300,000

4.000

01/15/51

(a)

294,825

Virginia

Electric

and

Power

Co.

100,000

5.000

04/01/33

100,204

744,000

2.450

12/15/50

451,150

600,000

2.950

11/15/51

397,820

Virginia

Electric

and

Power

Co.

,

Series

A

600,000

3.500

03/15/27

586,290

Xcel

Energy,

Inc.

100,000

5.450

08/15/33

101,600

30,453,709

Electrical

–

0.0%

Emerson

Electric

Co.

196,000

2.200

12/21/31

167,655

180,000

2.800

12/21/51

118,087

285,742

Energy

–

7.3%

Baker

Hughes

Holdings

LLC

50,000

5.125

09/15/40

49,558

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.

354,000

3.337

12/15/27

341,106

300,000

4.080

12/15/47

249,026

BP

Capital

Markets

America,

Inc.

50,000

3.119

05/04/26

49,078

300,000

3.937

09/21/28

293,704

100,000

4.234

11/06/28

98,790

100,000

4.812

02/13/33

98,847

365,000

4.989

04/10/34

364,740

732,000

5.227

11/17/34

742,498

250,000

3.000

02/24/50

168,526

100,000

2.772

11/10/50

63,842

1,050,000

2.939

06/04/51

692,224

1,100,000

3.001

03/17/52

732,525

720,000

3.379

02/08/61

488,613

BP

Capital

Markets

PLC

100,000

3.723

11/28/28

96,981

(

US

5

Year

CMT

T-Note

+

4.036%

)

385,000

4.375

09/22/72

(a)

385,481

Cheniere

Corpus

Christi

Holdings

LLC

1,136,000

5.125

06/30/27

1,144,520

100,000

3.700

11/15/29

94,747

Cheniere

Energy

Partners

LP

550,000

4.500

10/01/29

538,312

600,000

4.000

03/01/31

563,737

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Cheniere

Energy

Partners

LP

–

(continued)

$

500,000

3.250

%

01/31/32

$

442,005

Cheniere

Energy,

Inc.

354,000

4.625

10/15/28

350,461

Chevron

Corp.

360,000

1.995

05/11/27

341,064

Chevron

USA,

Inc.

118,000

2.343

08/12/50

70,859

ConocoPhillips

670,000

6.500

02/01/39

754,728

ConocoPhillips

Co.

1,550,000

5.550

03/15/54

1,566,514

Devon

Energy

Corp.

250,000

4.750

05/15/42

218,455

100,000

5.000

06/15/45

88,210

Diamondback

Energy,

Inc.

230,000

5.200

04/18/27

233,112

1,000,000

3.500

12/01/29

939,821

920,000

4.250

03/15/52

741,186

Energy

Transfer

LP

200,000

4.750

01/15/26

199,786

100,000

6.050

12/01/26

102,496

200,000

5.500

06/01/27

203,574

100,000

4.000

10/01/27

98,339

230,000

4.950

06/15/28

231,719

551,000

5.250

04/15/29

559,068

640,000

3.750

05/15/30

603,867

410,000

6.400

12/01/30

438,591

400,000

5.750

02/15/33

412,322

100,000

6.550

12/01/33

108,570

400,000

6.500

02/01/42

431,180

940,000

5.350

05/15/45

886,577

201,000

5.300

04/15/47

185,854

283,000

5.400

10/01/47

266,478

277,000

6.000

06/15/48

280,846

431,000

6.250

04/15/49

451,352

480,000

5.000

05/15/50

429,698

400,000

5.950

05/15/54

406,455

Enterprise

Products

Operating

LLC

326,000

3.125

07/31/29

306,542

150,000

2.800

01/31/30

137,336

1,460,000

5.350

01/31/33

1,507,400

150,000

5.950

02/01/41

160,654

207,000

4.850

08/15/42

196,343

220,000

4.450

02/15/43

197,742

268,000

4.850

03/15/44

252,695

160,000

5.100

02/15/45

155,058

220,000

4.900

05/15/46

207,095

414,000

4.800

02/01/49

380,450

368,000

4.200

01/31/50

307,787

673,000

3.950

01/31/60

519,089

Enterprise

Products

Operating

LLC

,

Series

E

(

3M

U.S.

T-Bill

MMY

+

3.295

)

249,000

5.250

08/16/77

(a)

244,987

EOG

Resources,

Inc.

333,000

4.150

01/15/26

331,210

186,000

4.375

04/15/30

183,575

236,000

4.950

04/15/50

221,322

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Expand

Energy

Corp.

$

690,000

5.375

%

03/15/30

$

687,942

Exxon

Mobil

Corp.

1,352,000

3.043

03/01/26

1,329,221

130,000

2.275

08/16/26

125,554

100,000

3.294

03/19/27

98,105

666,000

3.482

03/19/30

633,897

300,000

2.610

10/15/30

270,888

560,000

4.227

03/19/40

508,160

430,000

3.567

03/06/45

342,708

600,000

4.114

03/01/46

513,193

408,000

3.095

08/16/49

287,986

628,000

4.327

03/19/50

548,628

460,000

3.452

04/15/51

342,966

Halliburton

Co.

112,000

2.920

03/01/30

102,389

603,000

4.850

11/15/35

590,646

486,000

6.700

09/15/38

550,171

270,000

7.450

09/15/39

326,419

300,000

5.000

11/15/45

283,454

Hess

Corp.

248,000

4.300

04/01/27

246,340

148,000

6.000

01/15/40

156,915

323,000

5.600

02/15/41

329,520

Kinder

Morgan

Energy

Partners

LP

188,000

5.500

03/01/44

182,037

Kinder

Morgan

Energy

Partners

LP

,

MTN

1,100,000

6.950

01/15/38

1,238,929

Kinder

Morgan,

Inc.

420,000

2.000

02/15/31

358,073

396,000

5.550

06/01/45

385,532

142,000

5.050

02/15/46

129,704

500,000

5.200

03/01/48

464,164

200,000

3.600

02/15/51

143,738

100,000

5.450

08/01/52

95,939

Kinder

Morgan,

Inc.

,

GMTN

910,000

7.750

01/15/32

1,056,188

Marathon

Petroleum

Corp.

800,000

6.500

03/01/41

861,730

200,000

4.750

09/15/44

174,461

MPLX

LP

1,000,000

1.750

03/01/26

963,146

386,000

4.125

03/01/27

381,545

200,000

4.000

03/15/28

195,641

530,000

4.800

02/15/29

530,655

314,000

2.650

08/15/30

278,193

350,000

4.500

04/15/38

316,764

310,000

5.200

03/01/47

289,379

320,000

4.700

04/15/48

276,285

180,000

5.500

02/15/49

173,602

600,000

4.950

03/14/52

533,134

Occidental

Petroleum

Corp.

628,000

5.550

03/15/26

632,427

1,400,000

5.200

08/01/29

1,409,269

350,000

6.625

09/01/30

371,438

165,000

6.125

01/01/31

171,394

206,000

7.500

05/01/31

230,978

596,000

6.450

09/15/36

628,035

80,000

6.600

03/15/46

85,000

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

ONEOK,

Inc.

$

450,000

5.550

%

11/01/26

$

455,791

180,000

4.550

07/15/28

179,068

342,000

3.100

03/15/30

314,085

640,000

6.100

11/15/32

678,150

200,000

5.200

07/15/48

185,646

928,000

6.625

09/01/53

1,028,510

Phillips

66

300,000

3.900

03/15/28

293,182

390,000

4.650

11/15/34

372,713

350,000

5.875

05/01/42

366,362

810,000

4.875

11/15/44

737,789

Phillips

66

Co.

360,000

4.950

12/01/27

363,618

Pioneer

Natural

Resources

Co.

192,000

1.125

01/15/26

184,780

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

466,000

4.650

10/15/25

465,104

240,000

4.500

12/15/26

239,175

339,000

3.550

12/15/29

317,189

Sabine

Pass

Liquefaction

LLC

1,176,000

5.875

06/30/26

1,189,675

430,000

5.000

03/15/27

433,009

498,000

4.200

03/15/28

490,691

Shell

Finance  U.S.,

Inc.

100,000

4.125

05/11/35

94,331

250,000

4.375

05/11/45

219,940

700,000

4.000

05/10/46

582,666

600,000

3.750

09/12/46

478,238

200,000

3.250

04/06/50

143,554

Shell

International

Finance

BV

700,000

6.375

12/15/38

787,852

350,000

5.500

03/25/40

363,361

Targa

Resources

Corp.

200,000

4.950

04/15/52

179,629

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

170,000

5.500

03/01/30

172,125

630,000

4.875

02/01/31

619,186

1,100,000

4.000

01/15/32

1,024,194

Transcontinental

Gas

Pipe

Line

Co.

LLC

844,000

7.850

02/01/26

867,137

Valero

Energy

Corp.

660,000

6.625

06/15/37

721,923

100,000

3.650

12/01/51

71,517

Western

Midstream

Operating

LP

766,000

4.050

02/01/30

727,653

270,000

5.250

02/01/50

242,411

Williams

Cos.,

Inc.

(The)

280,000

4.000

09/15/25

278,334

200,000

5.400

03/02/26

201,380

518,000

3.750

06/15/27

507,429

384,000

3.500

11/15/30

357,823

250,000

2.600

03/15/31

218,693

642,000

6.300

04/15/40

693,194

200,000

5.100

09/15/45

189,297

240,000

4.850

03/01/48

217,239

63,695,452

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Financial

Company

–

1.4%

Air

Lease

Corp.

$

180,000

1.875

%

08/15/26

$

171,481

100,000

2.200

01/15/27

94,918

362,000

3.125

12/01/30

326,708

Air

Lease

Corp.

,

MTN

1,000,000

2.875

01/15/26

978,388

400,000

2.875

01/15/32

347,456

Ally

Financial,

Inc.

170,000

5.750

11/20/25

170,903

439,000

7.100

11/15/27

464,372

1,520,000

2.200

11/02/28

1,373,218

569,000

8.000

11/01/31

639,667

Ares

Capital

Corp.

2,714,000

3.875

01/15/26

2,673,978

429,000

2.150

07/15/26

408,883

550,000

7.000

01/15/27

570,281

600,000

2.875

06/15/28

553,551

Blackstone

Private

Credit

Fund

349,000

2.625

12/15/26

330,859

580,000

3.250

03/15/27

553,766

Morgan

Stanley

(

SOFR

+

2.050%

)

2,002,000

6.627

11/01/34

(a)

2,206,956

11,865,385

Food

and

Beverage

–

2.2%

Coca-Cola

Co.

(The)

700,000

3.375

03/25/27

687,064

250,000

1.450

06/01/27

233,480

226,000

1.500

03/05/28

207,254

240,000

1.000

03/15/28

216,720

94,000

2.125

09/06/29

85,126

656,000

3.450

03/25/30

628,477

193,000

1.650

06/01/30

166,690

495,000

2.000

03/05/31

428,256

216,000

1.375

03/15/31

179,223

428,000

4.650

08/14/34

427,901

210,000

2.500

06/01/40

153,265

110,000

2.875

05/05/41

83,436

430,000

2.600

06/01/50

277,056

180,000

3.000

03/05/51

126,146

250,000

2.500

03/15/51

156,085

1,380,000

2.750

06/01/60

858,552

Conagra

Brands,

Inc.

200,000

1.375

11/01/27

181,929

380,000

5.300

11/01/38

368,080

Constellation

Brands,

Inc.

384,000

3.150

08/01/29

357,984

General

Mills,

Inc.

300,000

3.200

02/10/27

291,045

J

M

Smucker

Co.

(The)

150,000

6.500

11/15/43

164,965

500,000

6.500

11/15/53

560,288

Keurig

Dr

Pepper,

Inc.

150,000

3.950

04/15/29

145,640

299,000

3.200

05/01/30

276,657

100,000

3.800

05/01/50

77,643

412,000

4.500

04/15/52

357,488

Kraft

Heinz

Foods

Co.

765,000

3.000

06/01/26

745,920

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Food

and

Beverage

–

(continued)

Kraft

Heinz

Foods

Co.

–

(continued)

$

200,000

3.875

%

05/15/27

$

196,554

250,000

6.875

01/26/39

283,365

507,000

5.000

06/04/42

476,925

552,000

4.375

06/01/46

468,134

410,000

4.875

10/01/49

369,453

Molson

Coors

Beverage

Co.

820,000

3.000

07/15/26

798,513

190,000

5.000

05/01/42

182,022

370,000

4.200

07/15/46

312,029

Mondelez

International,

Inc.

435,000

2.750

04/13/30

394,576

490,000

2.625

09/04/50

305,107

PepsiCo,

Inc.

1,000,000

5.250

11/10/25

1,006,735

260,000

2.850

02/24/26

255,176

166,000

2.375

10/06/26

160,323

218,000

3.000

10/15/27

210,571

96,000

2.625

07/29/29

88,978

210,000

2.750

03/19/30

192,429

210,000

1.625

05/01/30

181,122

100,000

1.400

02/25/31

83,053

400,000

1.950

10/21/31

338,626

262,000

2.625

10/21/41

188,703

300,000

4.450

04/14/46

270,790

252,000

3.450

10/06/46

194,927

1,610,000

2.875

10/15/49

1,103,296

130,000

3.625

03/19/50

102,236

Pilgrim's

Pride

Corp.

300,000

4.250

04/15/31

280,875

150,000

3.500

03/01/32

132,563

590,000

6.250

07/01/33

620,237

Sysco

Corp.

550,000

3.300

07/15/26

538,298

547,000

3.250

07/15/27

528,301

251,000

5.950

04/01/30

263,932

270,000

6.600

04/01/50

306,159

19,276,378

Hardware

–

0.1%

CDW

LLC

/

CDW

Finance

Corp.

300,000

2.670

12/01/26

286,948

Micron

Technology,

Inc.

250,000

4.185

02/15/27

247,209

250,000

5.875

02/09/33

260,256

250,000

5.875

09/15/33

261,157

1,055,570

Healthcare

–

4.7%

Aetna,

Inc.

140,000

6.625

06/15/36

151,054

314,000

3.875

08/15/47

236,670

Cigna

Group

(The)

2,382,000

4.125

11/15/25

2,367,592

1,210,000

4.375

10/15/28

1,200,353

300,000

4.800

08/15/38

284,537

130,000

4.800

07/15/46

118,080

674,000

4.900

12/15/48

611,816

290,000

3.400

03/15/50

205,057

472,000

3.400

03/15/51

335,331

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Healthcare

–

(continued)

Cigna

Group

(The)

–

(continued)

$

556,000

5.600

%

02/15/54

$

557,806

CVS

Health

Corp.

90,000

2.875

06/01/26

87,504

358,000

3.000

08/15/26

347,164

478,000

3.625

04/01/27

465,745

450,000

1.300

08/21/27

410,198

755,000

4.300

03/25/28

740,318

510,000

5.400

06/01/29

517,919

613,000

3.250

08/15/29

566,627

140,000

5.125

02/21/30

140,305

210,000

1.750

08/21/30

175,002

1,620,000

5.550

06/01/31

1,648,449

500,000

5.250

02/21/33

495,311

400,000

5.300

06/01/33

396,033

1,016,000

4.780

03/25/38

923,247

246,000

4.125

04/01/40

204,365

160,000

2.700

08/21/40

109,608

176,000

5.300

12/05/43

163,121

730,000

5.125

07/20/45

655,140

968,000

5.050

03/25/48

856,468

50,000

4.250

04/01/50

38,983

778,000

5.875

06/01/53

770,315

490,000

6.050

06/01/54

497,186

Danaher

Corp.

340,000

2.800

12/10/51

223,479

DH

Europe

Finance

II

Sarl

70,000

3.400

11/15/49

52,525

Elevance

Health,

Inc.

200,000

1.500

03/15/26

192,114

552,000

3.650

12/01/27

538,117

1,000,000

4.101

03/01/28

983,787

150,000

2.875

09/15/29

138,050

300,000

2.550

03/15/31

262,209

84,000

4.625

05/15/42

75,950

309,000

4.650

01/15/43

279,317

174,000

4.650

08/15/44

156,584

340,000

4.375

12/01/47

289,043

118,000

4.550

03/01/48

102,509

1,350,000

3.125

05/15/50

915,788

GE

HealthCare

Technologies,

Inc.

200,000

5.600

11/15/25

201,449

1,780,000

5.905

11/22/32

1,891,305

HCA,

Inc.

430,000

5.875

02/15/26

433,326

728,000

5.250

06/15/26

730,887

388,000

5.375

09/01/26

390,980

555,000

4.500

02/15/27

552,035

280,000

5.200

06/01/28

283,314

100,000

5.625

09/01/28

102,426

476,000

5.875

02/01/29

490,579

404,000

4.125

06/15/29

390,609

350,000

3.500

09/01/30

323,184

100,000

5.125

06/15/39

94,568

315,000

5.500

06/15/47

301,329

510,000

5.250

06/15/49

466,637

220,000

3.500

07/15/51

150,861

1,055,000

4.625

03/15/52

876,712

540,000

6.000

04/01/54

543,257

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Healthcare

–

(continued)

HCA,

Inc.

–

(continued)

$

960,000

5.950

%

09/15/54

$

971,205

Solventum

Corp.

1,300,000

5.400

03/01/29

(b)

1,317,408

UnitedHealth

Group,

Inc.

1,000,000

3.450

01/15/27

980,694

1,000,000

6.875

02/15/38

1,163,880

2,000,000

3.500

08/15/39

1,653,566

250,000

2.750

05/15/40

185,208

540,000

5.500

07/15/44

551,420

300,000

4.200

01/15/47

257,181

290,000

4.250

06/15/48

247,578

860,000

3.700

08/15/49

666,793

232,000

3.250

05/15/51

164,400

500,000

4.750

05/15/52

457,530

2,000,000

5.625

07/15/54

2,065,173

750,000

3.875

08/15/59

571,515

210,000

3.125

05/15/60

134,579

150,000

4.950

05/15/62

138,977

880,000

5.500

04/15/64

886,660

41,124,001

Insurance

–

1.6%

American

International

Group,

Inc.

204,000

4.800

07/10/45

189,608

301,000

4.750

04/01/48

277,123

200,000

4.375

06/30/50

172,678

American

International

Group,

Inc.

,

Series

A-9

(

3M

USD

LIBOR

+

2.868%

)

262,000

5.750

04/01/48

(a)

262,530

Berkshire

Hathaway

Finance

Corp.

112,000

1.450

10/15/30

94,550

630,000

2.875

03/15/32

565,033

200,000

4.200

08/15/48

174,931

100,000

4.250

01/15/49

88,471

830,000

2.850

10/15/50

558,493

50,000

2.500

01/15/51

31,162

850,000

3.850

03/15/52

685,368

Berkshire

Hathaway,

Inc.

100,000

4.500

02/11/43

96,061

Chubb

INA

Holdings

LLC

472,000

4.350

11/03/45

422,043

Corebridge

Financial,

Inc.

410,000

3.650

04/05/27

400,337

320,000

3.900

04/05/32

296,464

1,000,000

5.750

01/15/34

1,036,988

(

US

5

Year

CMT

T-Note

+

3.846%

)

200,000

6.875

12/15/52

(a)

205,366

Equitable

Holdings,

Inc.

650,000

4.350

04/20/28

641,529

382,000

5.000

04/20/48

356,946

Everest

Reinsurance

Holdings,

Inc.

324,000

3.500

10/15/50

230,970

Marsh

&

McLennan

Cos.,

Inc.

1,265,000

4.375

03/15/29

1,254,260

100,000

2.250

11/15/30

87,515

206,000

4.900

03/15/49

193,651

MetLife,

Inc.

150,000

4.550

03/23/30

149,503

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Insurance

–

(continued)

MetLife,

Inc.

–

(continued)

$

400,000

5.700

%

06/15/35

$

423,999

416,000

6.400

12/15/36

433,996

256,000

4.125

08/13/42

222,153

250,000

4.875

11/13/43

237,644

350,000

4.600

05/13/46

319,965

410,000

5.000

07/15/52

391,005

160,000

5.250

01/15/54

158,119

Prudential

Financial,

Inc.

(

3M

USD

LIBOR

+

2.380%

)

577,000

4.500

09/15/47

(a)

558,501

190,000

3.905

12/07/47

152,127

246,000

3.935

12/07/49

196,370

(

US

5

Year

CMT

T-Note

+

3.035%

)

172,000

3.700

10/01/50

(a)

156,389

(

US

5

Year

CMT

T-Note

+

3.234%

)

92,000

6.000

09/01/52

(a)

93,461

Prudential

Financial,

Inc.

,

MTN

118,000

5.700

12/14/36

125,006

314,000

4.600

05/15/44

288,011

235,000

4.350

02/25/50

201,401

1,260,000

3.700

03/13/51

964,806

Travelers

Cos.,

Inc.

(The)

440,000

3.050

06/08/51

304,611

13,699,144

Lodging

–

0.1%

Las

Vegas

Sands

Corp.

590,000

3.500

08/18/26

574,349

196,000

5.900

06/01/27

199,070

526,000

3.900

08/08/29

492,320

1,265,739

Media

Non

Cable

–

0.1%

Netflix,

Inc.

325,000

4.375

11/15/26

325,924

472,000

4.875

04/15/28

478,408

227,000

6.375

05/15/29

243,185

1,047,517

Metals

and

Mining

–

0.0%

Newmont

Corp.

170,000

2.600

07/15/32

146,476

Pharmaceuticals

–

0.1%

Viatris,

Inc.

540,000

3.850

06/22/40

421,193

REITs

and

Real

Estate

–

1.1%

Alexandria

Real

Estate

Equities,

Inc.

250,000

2.000

05/18/32

203,423

150,000

1.875

02/01/33

117,890

400,000

3.000

05/18/51

260,881

250,000

3.550

03/15/52

179,715

Boston

Properties

LP

400,000

3.650

02/01/26

393,928

250,000

6.750

12/01/27

261,563

300,000

4.500

12/01/28

293,362

1,000,000

2.450

10/01/33

785,274

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

REITs

and

Real

Estate

–

(continued)

Digital

Realty

Trust

LP

$

450,000

5.550

%

01/15/28

$

461,283

830,000

3.600

07/01/29

792,133

Equinix,

Inc.

270,000

3.200

11/18/29

251,106

204,000

2.150

07/15/30

177,662

200,000

2.500

05/15/31

173,509

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

580,000

5.375

04/15/26

579,746

832,000

5.300

01/15/29

836,410

130,000

3.250

01/15/32

113,776

Simon

Property

Group

LP

160,000

3.300

01/15/26

157,756

68,000

3.250

11/30/26

66,243

450,000

3.375

12/01/27

436,993

332,000

2.450

09/13/29

301,121

274,000

2.650

07/15/30

245,578

384,000

3.250

09/13/49

271,986

220,000

3.800

07/15/50

170,323

VICI

Properties

LP

650,000

4.750

02/15/28

648,459

750,000

4.950

02/15/30

743,454

400,000

5.125

05/15/32

395,241

Welltower

OP

LLC

290,000

4.250

04/15/28

285,712

276,000

3.100

01/15/30

254,048

9,858,575

Revenue

–

0.3%

Ascension

Health

200,000

3.945

11/15/46

168,994

Ascension

Health

,

Series

B

1,092,000

2.532

11/15/29

999,490

CommonSpirit

Health

220,000

3.347

10/01/29

206,317

217,000

4.350

11/01/42

188,028

400,000

4.187

10/01/49

331,296

Kaiser

Foundation

Hospitals

535,000

4.150

05/01/47

461,098

Kaiser

Foundation

Hospitals

,

Series

2019

286,000

3.266

11/01/49

210,094

Kaiser

Foundation

Hospitals

,

Series

2021

125,000

2.810

06/01/41

92,765

400,000

3.002

06/01/51

277,777

2,935,859

Software

–

1.7%

Oracle

Corp.

1,374,000

6.150

11/09/29

1,460,056

300,000

2.950

04/01/30

273,810

240,000

4.650

05/06/30

239,847

1,900,000

6.250

11/09/32

2,061,020

600,000

3.900

05/15/35

542,963

250,000

3.850

07/15/36

220,541

645,000

3.800

11/15/37

554,045

1,165,000

3.600

04/01/40

947,477

252,000

3.650

03/25/41

204,332

779,000

4.125

05/15/45

645,836

490,000

4.000

11/15/47

392,665

1,266,000

6.900

11/09/52

1,491,252

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Software

–

(continued)

Oracle

Corp.

–

(continued)

$

1,480,000

5.550

%

02/06/53

$

1,476,444

900,000

4.375

05/15/55

748,316

1,173,000

3.850

04/01/60

858,501

376,000

4.100

03/25/61

287,417

Salesforce,

Inc.

800,000

3.700

04/11/28

784,208

500,000

1.950

07/15/31

425,758

700,000

2.900

07/15/51

473,075

Workday,

Inc.

400,000

3.500

04/01/27

391,021

180,000

3.800

04/01/32

167,055

14,645,639

Technology

–

8.6%

Adobe,

Inc.

182,000

2.150

02/01/27

173,777

790,000

2.300

02/01/30

711,170

Alphabet,

Inc.

182,000

1.998

08/15/26

175,082

50,000

0.800

08/15/27

45,769

114,000

1.100

08/15/30

95,824

610,000

1.900

08/15/40

416,070

823,000

2.050

08/15/50

489,087

747,000

2.250

08/15/60

434,387

Analog

Devices,

Inc.

75,000

3.500

12/05/26

73,690

504,000

1.700

10/01/28

456,064

Apple,

Inc.

479,000

0.700

02/08/26

458,987

297,000

3.250

02/23/26

293,136

424,000

2.450

08/04/26

410,789

750,000

2.050

09/11/26

721,098

120,000

3.000

06/20/27

116,536

692,000

2.900

09/12/27

666,831

218,000

3.000

11/13/27

211,153

392,000

1.200

02/08/28

356,824

280,000

1.400

08/05/28

253,144

320,000

3.250

08/08/29

306,361

336,000

1.650

05/11/30

292,625

118,000

1.250

08/20/30

100,194

2,452,000

1.650

02/08/31

2,096,369

300,000

1.700

08/05/31

254,186

1,295,000

4.500

02/23/36

1,296,267

42,000

2.375

02/08/41

30,437

695,000

3.850

05/04/43

602,502

196,000

4.450

05/06/44

187,074

355,000

3.450

02/09/45

286,669

450,000

4.375

05/13/45

415,752

182,000

4.650

02/23/46

174,225

306,000

3.850

08/04/46

259,742

218,000

4.250

02/09/47

196,861

270,000

3.750

09/12/47

223,804

446,000

3.750

11/13/47

368,955

793,000

2.950

09/11/49

561,415

594,000

2.650

05/11/50

390,930

239,000

2.400

08/20/50

149,753

940,000

2.650

02/08/51

617,337

570,000

3.950

08/08/52

480,695

480,000

2.550

08/20/60

299,845

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Apple,

Inc.

–

(continued)

$

325,000

2.800

%

02/08/61

$

206,727

960,000

2.850

08/05/61

618,164

100,000

4.100

08/08/62

83,866

Applied

Materials,

Inc.

130,000

3.300

04/01/27

126,723

650,000

1.750

06/01/30

561,066

236,000

4.350

04/01/47

209,343

Automatic

Data

Processing,

Inc.

448,000

1.700

05/15/28

411,160

2,360,000

1.250

09/01/30

1,979,089

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

849,000

3.875

01/15/27

836,806

436,000

3.500

01/15/28

421,333

Broadcom,

Inc.

200,000

3.150

11/15/25

194,082

380,000

3.459

09/15/26

372,438

700,000

1.950

02/15/28

(b)

644,798

605,000

4.750

04/15/29

604,872

420,000

5.050

07/12/29

424,221

248,000

4.150

11/15/30

239,390

514,000

2.450

02/15/31

(b)

448,172

690,000

4.150

04/15/32

(b)

655,034

570,000

4.300

11/15/32

546,560

905,000

3.419

04/15/33

(b)

808,623

290,000

3.469

04/15/34

(b)

256,834

600,000

3.137

11/15/35

(b)

498,849

1,004,000

3.187

11/15/36

(b)

824,179

600,000

3.500

02/15/41

(b)

480,301

560,000

3.750

02/15/51

(b)

432,326

Dell

International

LLC

/

EMC

Corp.

1,425,000

4.900

10/01/26

1,429,383

200,000

5.250

02/01/28

203,879

200,000

5.300

10/01/29

204,381

50,000

5.750

02/01/33

52,463

250,000

8.100

07/15/36

302,729

450,000

3.375

12/15/41

344,888

Fidelity

National

Information

Services,

Inc.

570,000

1.150

03/01/26

545,006

350,000

1.650

03/01/28

317,767

Fiserv,

Inc.

440,000

3.200

07/01/26

429,708

1,000,000

5.450

03/02/28

1,023,415

300,000

4.200

10/01/28

294,142

500,000

3.500

07/01/29

474,181

1,400,000

5.625

08/21/33

1,452,877

400,000

4.400

07/01/49

346,380

Hewlett

Packard

Enterprise

Co.

400,000

4.900

10/15/25

399,498

300,000

6.350

10/15/45

326,878

HP,

Inc.

1,000,000

5.500

01/15/33

1,027,638

IBM

International

Capital

Pte

Ltd.

910,000

5.300

02/05/54

890,488

Intel

Corp.

1,200,000

4.875

02/10/26

1,201,556

290,000

3.150

05/11/27

279,277

200,000

3.750

08/05/27

195,015

1,300,000

4.000

08/05/29

1,256,480

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Intel

Corp.

–

(continued)

$

490,000

5.125

%

02/10/30

$

496,633

250,000

3.900

03/25/30

237,967

100,000

2.000

08/12/31

82,818

100,000

5.200

02/10/33

100,120

448,000

4.900

07/29/45

389,712

500,000

4.100

05/19/46

385,195

250,000

3.734

12/08/47

179,677

680,000

3.250

11/15/49

444,382

500,000

3.050

08/12/51

310,113

260,000

4.900

08/05/52

221,871

968,000

5.700

02/10/53

929,121

600,000

3.100

02/15/60

354,390

500,000

3.200

08/12/61

297,268

International

Business

Machines

Corp.

550,000

3.450

02/19/26

542,661

655,000

1.700

05/15/27

612,413

1,086,000

1.950

05/15/30

940,772

540,000

4.150

05/15/39

479,716

80,000

4.000

06/20/42

67,904

300,000

4.250

05/15/49

253,775

300,000

2.950

05/15/50

199,513

500,000

4.900

07/27/52

469,648

Intuit,

Inc.

600,000

5.200

09/15/33

614,681

100,000

5.500

09/15/53

102,619

KLA

Corp.

430,000

4.100

03/15/29

422,617

100,000

4.650

07/15/32

99,688

100,000

3.300

03/01/50

73,048

100,000

4.950

07/15/52

95,203

412,000

5.250

07/15/62

406,668

Lam

Research

Corp.

170,000

3.750

03/15/26

168,252

436,000

4.000

03/15/29

427,665

228,000

1.900

06/15/30

197,744

220,000

4.875

03/15/49

207,208

352,000

2.875

06/15/50

235,482

Leidos,

Inc.

300,000

4.375

05/15/30

288,325

505,000

2.300

02/15/31

432,447

300,000

5.750

03/15/33

309,890

Meta

Platforms,

Inc.

1,180,000

4.600

05/15/28

1,190,319

290,000

4.800

05/15/30

295,303

100,000

3.850

08/15/32

94,950

750,000

4.950

05/15/33

767,854

800,000

4.450

08/15/52

714,449

400,000

5.600

05/15/53

421,049

410,000

4.650

08/15/62

370,826

360,000

5.750

05/15/63

384,004

670,000

5.550

08/15/64

693,857

Microsoft

Corp.

133,000

3.125

11/03/25

131,418

240,000

2.400

08/08/26

232,518

87,000

3.300

02/06/27

85,352

670,000

3.500

02/12/35

622,155

470,000

3.450

08/08/36

419,727

81,000

4.100

02/06/37

77,691

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Microsoft

Corp.

–

(continued)

$

214,000

4.450

%

11/03/45

$

204,837

300,000

3.700

08/08/46

251,615

270,000

4.250

02/06/47

254,468

1,047,000

2.525

06/01/50

680,193

620,000

2.500

09/15/50

397,139

1,540,000

2.921

03/17/52

1,077,639

632,000

2.675

06/01/60

392,982

400,000

3.041

03/17/62

271,558

Motorola

Solutions,

Inc.

624,000

4.600

05/23/29

620,743

386,000

2.750

05/24/31

340,184

NVIDIA

Corp.

340,000

3.200

09/16/26

333,348

475,000

1.550

06/15/28

433,337

400,000

2.000

06/15/31

345,506

150,000

3.500

04/01/40

128,463

660,000

3.500

04/01/50

521,598

PayPal

Holdings,

Inc.

882,000

4.400

06/01/32

862,398

50,000

3.250

06/01/50

35,858

QUALCOMM,

Inc.

304,000

3.250

05/20/27

295,979

200,000

1.300

05/20/28

179,556

126,000

2.150

05/20/30

111,149

892,000

1.650

05/20/32

721,087

320,000

4.650

05/20/35

316,450

358,000

4.800

05/20/45

335,465

250,000

4.300

05/20/47

216,678

510,000

4.500

05/20/52

448,428

100,000

6.000

05/20/53

108,692

Texas

Instruments,

Inc.

1,000,000

4.150

05/15/48

856,112

Uber

Technologies,

Inc.

2,640,000

4.800

09/15/34

2,588,306

VMware

LLC

300,000

1.400

08/15/26

283,687

100,000

3.900

08/21/27

97,992

74,324,526

Transportation

–

1.5%

Burlington

Northern

Santa

Fe

LLC

250,000

5.750

05/01/40

265,295

92,000

4.450

03/15/43

83,531

180,000

4.900

04/01/44

172,255

180,000

4.150

04/01/45

155,079

92,000

3.900

08/01/46

75,336

252,000

4.150

12/15/48

213,921

268,000

3.550

02/15/50

204,886

600,000

3.300

09/15/51

435,508

992,000

4.450

01/15/53

881,719

CSX

Corp.

450,000

3.800

03/01/28

440,522

200,000

4.250

03/15/29

197,952

270,000

4.100

03/15/44

231,452

700,000

3.800

11/01/46

563,632

240,000

4.300

03/01/48

207,467

130,000

4.500

11/15/52

115,989

FedEx

Corp.

180,000

4.250

05/15/30

177,342

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Transportation

–

(continued)

FedEx

Corp.

–

(continued)

$

180,000

2.400

%

05/15/31

$

156,154

344,000

5.100

01/15/44

326,237

430,000

4.750

11/15/45

384,539

368,000

4.550

04/01/46

319,360

FedEx

Corp.

2020-1

Class

AA

Pass

Through

Trust

,

Series

20-1,

AA

117,916

1.875

02/20/34

100,429

Norfolk

Southern

Corp.

100,000

4.550

06/01/53

88,324

340,000

3.155

05/15/55

228,456

Union

Pacific

Corp.

130,000

2.400

02/05/30

116,924

1,588,000

2.800

02/14/32

1,409,051

190,000

3.200

05/20/41

148,645

278,000

3.799

10/01/51

219,369

95,000

2.950

03/10/52

63,870

408,000

3.839

03/20/60

311,892

446,000

3.799

04/06/71

325,541

United

Airlines,

Inc.

Pass-Through

Trust

,

Series

2024-1,

AA

2,000,000

5.450

02/15/37

2,040,340

United

Parcel

Service,

Inc.

100,000

3.400

03/15/29

95,962

940,000

4.875

03/03/33

948,256

250,000

6.200

01/15/38

276,922

1,000,000

3.750

11/15/47

794,929

12,777,086

Water

–

0.1%

American

Water

Capital

Corp.

1,055,000

4.450

06/01/32

1,031,597

Wireless

–

4.6%

American

Tower

Corp.

556,000

3.375

10/15/26

542,542

200,000

2.750

01/15/27

192,126

361,000

3.800

08/15/29

345,732

80,000

2.900

01/15/30

72,951

300,000

1.875

10/15/30

254,121

590,000

5.900

11/15/33

620,663

251,000

3.100

06/15/50

170,680

AT&T,

Inc.

551,000

3.800

02/15/27

541,251

346,000

4.250

03/01/27

343,355

539,000

2.300

06/01/27

509,170

75,000

1.650

02/01/28

68,513

300,000

4.100

02/15/28

295,866

912,000

4.350

03/01/29

902,040

1,569,000

4.300

02/15/30

1,536,928

389,000

2.750

06/01/31

345,908

428,000

2.250

02/01/32

360,834

1,630,000

2.550

12/01/33

1,338,451

690,000

5.400

02/15/34

706,909

685,000

4.500

05/15/35

650,225

140,000

4.850

03/01/39

134,383

330,000

4.350

06/15/45

285,531

435,000

4.750

05/15/46

396,252

293,000

4.500

03/09/48

254,932

225,000

4.550

03/09/49

197,680

538,000

3.650

06/01/51

400,911

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Wireless

–

(continued)

AT&T,

Inc.

–

(continued)

$

130,000

3.300

%

02/01/52

$

91,676

1,500,000

3.500

09/15/53

1,069,093

1,358,000

3.550

09/15/55

967,104

530,000

3.800

12/01/57

389,086

1,059,000

3.650

09/15/59

750,430

192,000

3.850

06/01/60

141,809

Sprint

Capital

Corp.

470,000

6.875

11/15/28

504,075

694,000

8.750

03/15/32

839,306

T-Mobile

USA,

Inc.

390,000

1.500

02/15/26

375,170

600,000

2.250

02/15/26

582,996

900,000

3.750

04/15/27

882,755

655,000

4.950

03/15/28

659,570

50,000

4.800

07/15/28

50,083

234,000

2.625

02/15/29

215,370

490,000

3.375

04/15/29

463,263

2,381,000

3.875

04/15/30

2,278,905

1,060,000

2.550

02/15/31

925,301

192,000

2.875

02/15/31

171,259

408,000

2.250

11/15/31

345,085

508,000

2.700

03/15/32

439,924

500,000

5.050

07/15/33

501,394

1,430,000

5.750

01/15/34

1,502,042

640,000

4.375

04/15/40

576,966

500,000

3.000

02/15/41

373,058

750,000

4.500

04/15/50

650,160

750,000

3.300

02/15/51

530,087

100,000

3.400

10/15/52

71,187

200,000

5.650

01/15/53

204,633

500,000

5.750

01/15/54

515,240

400,000

3.600

11/15/60

280,758

250,000

5.800

09/15/62

258,011

Verizon

Communications,

Inc.

559,000

4.125

03/16/27

554,010

710,000

2.100

03/22/28

655,060

922,000

4.329

09/21/28

913,870

771,000

4.016

12/03/29

747,353

384,000

3.150

03/22/30

355,475

236,000

1.500

09/18/30

198,250

85,000

1.680

10/30/30

71,495

670,000

2.550

03/21/31

587,234

650,000

2.355

03/15/32

549,587

985,000

5.050

05/09/33

995,007

800,000

4.400

11/01/34

763,664

220,000

4.272

01/15/36

203,832

445,000

5.250

03/16/37

446,851

1,460,000

2.650

11/20/40

1,039,673

610,000

3.400

03/22/41

480,706

60,000

6.550

09/15/43

68,448

650,000

4.862

08/21/46

603,418

401,000

4.522

09/15/48

352,192

400,000

2.875

11/20/50

261,209

800,000

3.550

03/22/51

591,186

150,000

2.987

10/30/56

95,165

446,000

3.000

11/20/60

277,449

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Wireless

–

(continued)

Verizon

Communications,

Inc.

–

(continued)

$

555,000

3.700

%

03/22/61

$

404,205

40,289,089

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$741,731,901)

711,679,525

a

Foreign

Corporate

Debt

–

16.1%

Banks

–

9.4%

Banco

Bilbao

Vizcaya

Argentaria

SA

(

Spain

)

200,000

1.125

09/18/25

194,364

(

US

1

Year

CMT

T-Note

+

1.950%

)

100,000

6.033

03/13/35

(a)

101,910

Banco

Santander

SA

(

Spain

)

800,000

5.179

11/19/25

799,542

600,000

1.849

03/25/26

577,329

1,000,000

4.250

04/11/27

983,092

2,000,000

5.294

08/18/27

2,013,881

310,000

4.379

04/12/28

305,160

600,000

6.607

11/07/28

638,406

325,000

3.490

05/28/30

299,422

(

US

1

Year

CMT

T-Note

+

0.900%

)

600,000

1.722

09/14/27

(a)

567,504

(

US

1

Year

CMT

T-Note

+

1.600%

)

336,000

3.225

11/22/32

(a)

292,135

Bank

of

Montreal

(

Canada

)

100,000

5.266

12/11/26

101,348

1,050,000

5.203

02/01/28

1,068,403

240,000

5.717

09/25/28

248,953

(

SOFR

+

1.250%

)

610,000

4.640

09/10/30

(a)

605,739

(

(5

Year

USD

Swap

+

1.432%)

)

810,000

3.803

12/15/32

(a)

775,643

(

(US

5

Year

CMT

T-Note

+

1.400%)

)

860,000

3.088

01/10/37

(a)

730,045

(

(US

5

Year

CMT

T-Note

+

3.010%)

)

250,000

7.300

11/26/84

(a)

258,584

Bank

of

Nova

Scotia

(The)

(

Canada

)

566,000

4.500

12/16/25

562,288

1,000,000

1.050

03/02/26

957,417

220,000

2.700

08/03/26

213,448

80,000

1.950

02/02/27

75,736

750,000

4.850

02/01/30

753,772

530,000

2.450

02/02/32

453,756

490,000

5.650

02/01/34

509,145

Canadian

Imperial

Bank

of

Commerce

(

Canada

)

930,000

3.600

04/07/32

856,508

Cooperatieve

Rabobank

UA

(

Netherlands

)

1,105,000

3.750

07/21/26

1,082,489

145,000

5.250

05/24/41

148,067

250,000

5.750

12/01/43

261,336

485,000

5.250

08/04/45

479,542

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

Deutsche

Bank

AG

(

Germany

)

(

SOFR

+

1.870%

)

$

1,000,000

2.129

%

11/24/26

(a)

$

972,955

(

SOFR

+

1.219%

)

1,574,000

2.311

11/16/27

(a)

1,496,115

(

SOFR

+

1.318%

)

1,390,000

2.552

01/07/28

(a)

1,322,459

(

SOFR

+

3.180%

)

800,000

6.720

01/18/29

(a)

837,364

1,740,000

5.414

05/10/29

1,774,459

(

SOFR

+

3.043%

)

410,000

3.547

09/18/31

(a)

374,052

(

SOFR

+

1.718%

)

370,000

3.035

05/28/32

(a)

320,651

(

SOFR

+

2.257%

)

480,000

3.742

01/07/33

(a)

416,040

HSBC

Holdings

PLC

(

United

Kingdom

)

1,300,000

3.900

05/25/26

1,292,201

192,000

6.100

01/14/42

211,377

(

3M

U.S.

T-Bill

MMY

+

1.808

)

1,005,000

4.041

03/13/28

(a)

986,852

(

SOFR

+

2.610%

)

710,000

5.210

08/11/28

(a)

711,863

(

SOFR

+

1.732%

)

200,000

2.013

09/22/28

(a)

183,924

(

SOFR

+

3.350%

)

290,000

7.390

11/03/28

(a)

308,974

(

SOFR

+

1.970%

)

873,000

6.161

03/09/29

(a)

904,312

(

3M

U.S.

T-Bill

MMY

+

1.796

)

830,000

4.583

06/19/29

(a)

820,424

(

SOFR

+

1.460%

)

1,700,000

5.546

03/04/30

(a)

1,733,228

(

3M

U.S.

T-Bill

MMY

+

1.872

)

771,000

3.973

05/22/30

(a)

736,702

(

SOFR

+

2.870%

)

502,000

5.402

08/11/33

(a)

506,704

(

SOFR

+

4.250%

)

790,000

8.113

11/03/33

(a)

910,656

(

SOFR

+

2.390%

)

1,420,000

6.254

03/09/34

(a)

1,509,310

(

SOFR

+

2.980%

)

1,000,000

6.547

06/20/34

(a)

1,060,366

(

SOFR

+

3.020%

)

300,000

7.399

11/13/34

(a)

333,656

(

SOFR

+

2.650%

)

400,000

6.332

03/09/44

(a)

437,470

HSBC

Holdings

PLC

,

Series

**

(

United

Kingdom

)

694,000

6.500

09/15/37

736,937

Lloyds

Banking

Group

PLC

(

United

Kingdom

)

400,000

4.582

12/10/25

397,579

1,500,000

3.750

01/11/27

1,467,449

940,000

4.375

03/22/28

926,268

200,000

5.300

12/01/45

190,538

490,000

4.344

01/09/48

403,691

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

(

3M

USD

LIBOR

+

1.205%

)

$

1,420,000

3.574

%

11/07/28

(a)

$

1,368,633

Mitsubishi

UFJ

Financial

Group,

Inc.

(

Japan

)

(

US

1

Year

CMT

T-Note

+

0.670%

)

200,000

1.640

10/13/27

(a)

189,186

(

US

1

Year

CMT

T-Note

+

0.830%

)

1,300,000

2.341

01/19/28

(a)

1,238,098

170,000

3.961

03/02/28

167,488

174,000

3.741

03/07/29

168,759

440,000

3.751

07/18/39

381,072

(

US

1

Year

CMT

T-Note

+

1.950%

)

1,020,000

5.017

07/20/28

(a)

1,029,068

(

US

1

Year

CMT

T-Note

+

1.900%

)

300,000

5.354

09/13/28

(a)

305,225

(

US

1

Year

CMT

T-Note

+

1.380%

)

1,800,000

5.422

02/22/29

(a)

1,841,035

(

US

1

Year

CMT

T-Note

+

0.950%

)

200,000

2.309

07/20/32

(a)

170,971

(

US

1

Year

CMT

T-Note

+

1.100%

)

500,000

2.852

01/19/33

(a)

435,017

(

US

1

Year

CMT

T-Note

+

2.125%

)

200,000

5.133

07/20/33

(a)

202,635

(

US

1

Year

CMT

T-Note

+

1.630%

)

1,000,000

5.441

02/22/34

(a)

1,035,138

Mizuho

Financial

Group,

Inc.

(

Japan

)

(

3M

U.S.

T-Bill

MMY

+

1.532

)

760,000

1.979

09/08/31

(a)

648,398

390,000

2.564

09/13/31

333,149

(

US

1

Year

CMT

T-Note

+

2.400%

)

1,000,000

5.669

09/13/33

(a)

1,036,440

(

US

1

Year

CMT

T-Note

+

1.300%

)

2,000,000

5.579

05/26/35

(a)

2,068,656

National

Bank

of

Canada

(

Canada

)

1,590,000

4.500

10/10/29

1,565,040

Royal

Bank

of

Canada

(

Canada

)

230,000

1.200

04/27/26

219,724

800,000

3.625

05/04/27

785,059

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

920,000

0.875

01/20/26

883,379

243,000

4.650

01/27/26

242,412

250,000

5.200

07/20/26

252,734

264,000

1.400

11/02/26

249,321

500,000

4.240

08/03/27

497,339

1,000,000

4.900

01/12/28

1,010,314

1,000,000

4.950

02/01/29

1,015,331

250,000

2.300

11/03/31

214,298

300,000

5.000

02/01/33

301,254

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

Royal

Bank

of

Canada,

GMTN

(Canada)

–

(continued)

$

300,000

5.000

%

05/02/33

$

302,250

Santander

UK

Group

Holdings

PLC

(

United

Kingdom

)

(

SOFR

+

0.989%

)

820,000

1.673

06/14/27

(a)

780,015

(

3M

USD

LIBOR

+

1.400%

)

1,260,000

3.823

11/03/28

(a)

1,217,681

Sumitomo

Mitsui

Financial

Group,

Inc.

(

Japan

)

300,000

0.948

01/12/26

287,837

900,000

2.632

07/14/26

871,994

880,000

1.402

09/17/26

829,647

240,000

3.446

01/11/27

234,627

390,000

5.716

09/14/28

403,379

300,000

1.902

09/17/28

271,111

1,540,000

5.316

07/09/29

1,575,250

300,000

5.424

07/09/31

308,753

2,550,000

5.808

09/14/33

2,703,830

Toronto-Dominion

Bank

(The)

(

Canada

)

2,000,000

4.108

06/08/27

1,970,583

1,760,000

5.156

01/10/28

1,784,769

(

5

Year

USD

Swap

+

2.205%

)

2,000,000

3.625

09/15/31

(a)

1,955,086

Toronto-Dominion

Bank

(The)

,

MTN

(

Canada

)

120,000

2.000

09/10/31

101,520

UBS

AG

(

Switzerland

)

500,000

4.500

06/26/48

449,943

UBS

Group

AG

(

Switzerland

)

(

SOFR

+

3.730%

)

3,500,000

4.194

04/01/31

(a)(b)

3,371,109

1,000,000

4.875

05/15/45

942,649

81,416,746

Basic

Industry

–

0.0%

Smurfit

Kappa

Treasury

ULC

(

Ireland

)

250,000

5.438

04/03/34

(b)

255,910

Beverages

–

0.1%

Coca-Cola

Femsa

SAB

de

CV

(

Mexico

)

280,000

2.750

01/22/30

255,306

Fomento

Economico

Mexicano

SAB

de

CV

(

Mexico

)

630,000

3.500

01/16/50

478,904

734,210

Brokerage

–

0.5%

Brookfield

Finance,

Inc.

(

Canada

)

686,000

3.900

01/25/28

671,762

120,000

4.850

03/29/29

120,488

409,000

4.350

04/15/30

399,769

237,000

4.700

09/20/47

213,455

100,000

3.500

03/30/51

72,415

Nomura

Holdings,

Inc.

(

Japan

)

300,000

1.653

07/14/26

284,780

300,000

2.172

07/14/28

272,600

300,000

2.679

07/16/30

265,434

550,000

2.608

07/14/31

471,906

606,000

2.999

01/22/32

526,662

1,160,000

5.783

07/03/34

1,195,321

4,494,592

Consumer

Cyclical

–

0.0%

Honda

Motor

Co.

Ltd.

(

Japan

)

173,000

2.967

03/10/32

154,126

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Consumer

Cyclical

–

(continued)

Toyota

Motor

Corp.

(

Japan

)

$

80,000

1.339

%

03/25/26

$

76,778

230,904

Consumer

Noncyclical

–

1.5%

Astrazeneca

Finance

LLC

(

United

Kingdom

)

100,000

1.200

05/28/26

95,314

400,000

4.875

03/03/28

404,977

200,000

1.750

05/28/28

182,495

1,000,000

4.850

02/26/29

1,011,718

300,000

2.250

05/28/31

260,044

AstraZeneca

PLC

(

United

Kingdom

)

1,000,000

3.375

11/16/25

990,497

1,000,000

4.000

01/17/29

983,288

500,000

6.450

09/15/37

563,967

200,000

4.375

08/17/48

178,693

100,000

3.000

05/28/51

69,872

BAT

Capital

Corp.

(

United

Kingdom

)

1,300,000

4.390

08/15/37

1,158,456

GlaxoSmithKline

Capital

PLC

(

United

Kingdom

)

314,000

3.375

06/01/29

300,007

GlaxoSmithKline

Capital,

Inc.

(

United

Kingdom

)

900,000

3.875

05/15/28

884,747

811,000

6.375

05/15/38

907,718

Novartis

Capital

Corp.

(

Switzerland

)

1,000,000

2.000

02/14/27

952,145

250,000

3.100

05/17/27

243,038

200,000

4.400

05/06/44

183,734

120,000

4.000

11/20/45

103,117

200,000

2.750

08/14/50

135,228

Reynolds

American,

Inc.

(

United

Kingdom

)

1,668,000

5.700

08/15/35

1,714,376

134,000

5.850

08/15/45

132,298

Takeda

Pharmaceutical

Co.

Ltd.

(

Japan

)

2,000,000

3.025

07/09/40

1,510,429

12,966,158

Consumer

Products

–

0.2%

Unilever

Capital

Corp.

(

United

Kingdom

)

100,000

2.900

05/05/27

96,645

500,000

3.500

03/22/28

487,749

700,000

2.125

09/06/29

630,131

200,000

1.750

08/12/31

168,134

120,000

5.900

11/15/32

130,001

250,000

5.000

12/08/33

255,081

1,767,741

Energy

–

0.9%

Canadian

Natural

Resources

Ltd.

(

Canada

)

409,000

3.850

06/01/27

400,777

300,000

6.250

03/15/38

316,048

Canadian

Natural

Resources

Ltd.

,

GMTN

(

Canada

)

364,000

4.950

06/01/47

327,938

Enbridge,

Inc.

(

Canada

)

200,000

5.900

11/15/26

204,458

200,000

6.000

11/15/28

209,716

484,000

3.125

11/15/29

448,796

170,000

6.200

11/15/30

181,767

400,000

2.500

08/01/33

329,622

300,000

3.400

08/01/51

213,827

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Energy

–

(continued)

(

3M

U.S.

T-Bill

MMY

+

3.903%

)

$

570,000

6.250

%

03/01/78

(a)

$

562,875

TotalEnergies

Capital

International

SA

(

France

)

174,000

2.829

01/10/30

160,424

231,000

2.986

06/29/41

174,837

160,000

3.461

07/12/49

119,621

500,000

3.127

05/29/50

349,216

340,000

3.386

06/29/60

235,494

TotalEnergies

Capital

SA

(

France

)

96,000

3.883

10/11/28

94,080

950,000

5.150

04/05/34

967,339

1,190,000

5.488

04/05/54

1,208,824

TransCanada

PipeLines

Ltd.

(

Canada

)

665,000

6.200

10/15/37

710,165

650,000

7.625

01/15/39

776,974

150,000

5.100

03/15/49

144,077

8,136,875

Financial

Company

–

0.4%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

952,000

2.450

10/29/26

911,371

300,000

3.000

10/29/28

280,745

200,000

5.100

01/19/29

202,130

632,000

3.300

01/30/32

561,331

300,000

3.400

10/29/33

261,365

480,000

3.850

10/29/41

395,550

(

US

5

Year

CMT

T-Note

+

2.720%

)

490,000

6.950

03/10/55

(a)

507,855

3,120,347

Food

and

Beverage

–

1.1%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

1,480,000

4.700

02/01/36

1,448,225

2,126,000

4.900

02/01/46

2,030,839

Anheuser-Busch

InBev

Finance,

Inc.

(

Belgium

)

738,000

4.625

02/01/44

691,795

568,000

4.900

02/01/46

542,576

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

628,000

4.750

01/23/29

634,394

281,000

4.900

01/23/31

285,480

293,000

4.375

04/15/38

275,568

340,000

5.450

01/23/39

352,770

240,000

4.350

06/01/40

222,796

244,000

4.950

01/15/42

236,971

58,000

4.600

04/15/48

54,277

756,000

4.439

10/06/48

675,270

632,000

5.550

01/23/49

660,099

214,000

4.750

04/15/58

198,817

832,000

5.800

01/23/59

900,090

9,209,967

Forest

Products

&

Paper

–

0.2%

Suzano

Austria

GmbH

(

Brazil

)

1,118,000

6.000

01/15/29

1,133,886

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Forest

Products

&

Paper

–

(continued)

Suzano

Austria

GmbH

,

Series

DM3N

(

Brazil

)

$

608,000

3.125

%

01/15/32

$

514,597

1,648,483

Insurance

–

0.1%

AXA

SA

(

France

)

560,000

8.600

12/15/30

668,822

Fairfax

Financial

Holdings

Ltd.

(

Canada

)

300,000

6.350

03/22/54

318,783

987,605

Internet

–

0.1%

Alibaba

Group

Holding

Ltd.

(

China

)

400,000

2.700

02/09/41

286,855

400,000

4.400

12/06/57

337,235

500,000

3.250

02/09/61

328,014

952,104

Lodging

–

0.1%

Sands

China

Ltd.

(

Macau

)

500,000

3.800

01/08/26

491,986

740,000

5.400

08/08/28

734,955

1,226,941

Mining

–

0.3%

Barrick

North

America

Finance

LLC

(

Canada

)

750,000

5.750

05/01/43

774,902

Southern

Copper

Corp.

(

Mexico

)

941,000

7.500

07/27/35

1,085,376

186,000

6.750

04/16/40

203,470

76,000

5.250

11/08/42

70,593

86,000

5.875

04/23/45

86,363

Vale

Overseas

Ltd.

(

Brazil

)

200,000

6.875

11/10/39

218,428

500,000

6.400

06/28/54

509,805

2,948,937

Natural

Gas

–

0.1%

South

Bow

USA

Infrastructure

Holdings

LLC

(

Canada

)

400,000

5.026

10/01/29

(b)

396,512

Semiconductors

–

0.1%

TSMC

Arizona

Corp.

(

Taiwan

)

350,000

2.500

10/25/31

304,368

450,000

3.125

10/25/41

361,619

665,987

Technology

–

0.2%

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(

China

)

640,000

4.300

06/18/29

626,059

226,000

3.400

05/01/30

209,510

263,000

2.500

05/11/31

227,821

393,000

2.650

02/15/32

337,058

285,000

5.000

01/15/33

283,306

1,683,754

Transportation

–

0.1%

Canadian

Pacific

Railway

Co.

(

Canada

)

880,000

2.450

12/02/31

766,643

400,000

6.125

09/15/15

430,379

1,197,022

GOLDMAN

SACHS

ACCESS

INVESTMENT

GRADE

CORPORATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Wireless

–

0.1%

Rogers

Communications,

Inc.

(

Canada

)

$

400,000

5.300

%

02/15/34

$

400,184

700,000

5.000

03/15/44

652,718

270,000

3.700

11/15/49

199,817

1,252,719

Wirelines

–

0.6%

Bell

Telephone

Co.

of

Canada

or

Bell

Canada

(

Canada

)

1,000,000

5.100

05/11/33

992,117

1,476,000

3.650

08/15/52

1,078,050

Deutsche

Telekom

International

Finance

BV

(

Germany

)

520,000

8.750

06/15/30

613,864

Orange

SA

(

France

)

740,000

9.000

03/01/31

899,268

50,000

5.375

01/13/42

49,673

Telefonica

Emisiones

SA

(

Spain

)

500,000

7.045

06/20/36

566,342

700,000

4.895

03/06/48

628,557

4,827,871

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$141,671,294)

140,121,385

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.9%

(c)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

7,795,555

4.541%

7,795,555

(Cost

$7,795,555)

TOTAL

INVESTMENTS

–

98.9%

(Cost

$891,198,750)

$

859,596,465

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

1.1%

9,339,264

NET

ASSETS

–

100.0%

$

868,935,729

  a

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

November

30,

2024.

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CMT

—

Constant

Maturity

Treasury

Index

GMTN

—

Global

Medium

Term

Note

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

T-Bill

—

Treasury

Bill

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

-

92.3%

U.S.

Treasury

Bills

$

204,000

4.489%

01/09/25

$

203,036

216,000

4.489

01/09/25

214,980

24,000

4.513

01/09/25

23,887

36,000

4.526

01/09/25

35,830

168,000

4.526

01/09/25

167,206

60,000

4.529

01/09/25

59,717

48,000

4.594

01/09/25

47,773

128,000

4.596

01/09/25

127,395

80,000

4.596

01/09/25

79,622

496,000

4.613

01/09/25

493,657

33,898,400

4.621

01/09/25

33,738,268

250,000,000

4.621

01/09/25

248,819,031

91,000

4.881

01/09/25

90,570

234,000

4.881

01/09/25

232,895

478,700

4.892

01/09/25

476,439

156,000

4.897

01/09/25

155,263

78,000

4.902

01/09/25

77,632

234,000

4.902

01/09/25

232,895

182,000

4.907

01/09/25

181,140

68,000

4.912

01/09/25

67,679

429,000

4.912

01/09/25

426,973

26,000

4.927

01/09/25

25,877

156,000

4.949

01/09/25

155,263

390,000

4.949

01/09/25

388,158

104,000

4.984

01/09/25

103,509

65,000

4.990

01/09/25

64,693

819,000

4.994

01/09/25

815,131

52,000

5.000

01/09/25

51,754

91,000

5.072

01/09/25

90,570

65,000

5.072

01/09/25

64,693

195,000

5.104

01/09/25

194,079

61,159,900

5.148

01/09/25

60,870,988

450,000

4.503

01/14/25

447,605

425,000

4.503

01/14/25

422,738

50,000

4.519

01/14/25

49,734

225,000

4.524

01/14/25

223,803

200,000

4.524

01/14/25

198,936

125,000

4.539

01/14/25

124,335

105,000

4.571

01/14/25

104,441

70,000

4.572

01/14/25

69,627

280,000

4.572

01/14/25

278,510

105,000

4.572

01/14/25

104,441

100,000,000

4.583

01/14/25

99,467,782

8,782,800

4.583

01/14/25

8,736,056

352,000

4.589

01/14/25

350,127

89,042,200

4.807

01/14/25

88,568,302

50,000,000

4.807

01/14/25

49,733,891

130,000

4.475

01/16/25

129,277

221,000

4.475

01/16/25

219,770

104,000

4.475

01/16/25

103,421

26,000

4.484

01/16/25

25,855

104,000

4.504

01/16/25

103,421

78,000

4.504

01/16/25

77,566

39,000

4.504

01/16/25

38,783

65,000

4.524

01/16/25

64,638

78,000

4.526

01/16/25

77,566

117,000

4.527

01/16/25

116,349

52,000

4.529

01/16/25

51,711

78,000

4.530

01/16/25

77,566

26,000

4.535

01/16/25

25,855

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

39,000

4.539%

01/16/25

$

38,783

91,000

4.539

01/16/25

90,494

36,000

4.548

01/16/25

35,800

144,000

4.548

01/16/25

143,199

54,000

4.548

01/16/25

53,700

91,000

4.548

01/16/25

90,494

182,000

4.548

01/16/25

180,987

65,000

4.550

01/16/25

64,638

117,000

4.550

01/16/25

116,349

36,000

4.551

01/16/25

35,800

18,000

4.551

01/16/25

17,900

91,000

4.557

01/16/25

90,494

52,000

4.557

01/16/25

51,711

91,000

4.560

01/16/25

90,494

78,000

4.562

01/16/25

77,566

260,000

4.562

01/16/25

258,553

208,000

4.562

01/16/25

206,843

26,000

4.563

01/16/25

25,855

65,000

4.568

01/16/25

64,638

169,000

4.569

01/16/25

168,060

27,822,200

4.572

01/16/25

27,667,396

50,000,000

4.572

01/16/25

49,721,797

72,000

4.576

01/16/25

71,599

156,000

4.576

01/16/25

155,132

324,000

4.576

01/16/25

322,197

120,000

4.576

01/16/25

119,332

190,000

4.585

01/16/25

188,943

117,000

4.590

01/16/25

116,349

104,000

4.600

01/16/25

103,421

195,000

4.612

01/16/25

193,915

52,000

4.613

01/16/25

51,711

39,000

4.615

01/16/25

38,783

104,000

4.627

01/16/25

103,421

91,000

4.640

01/16/25

90,494

390,000

4.649

01/16/25

387,830

130,000

4.756

01/16/25

129,277

156,000

4.758

01/16/25

155,132

195,000

4.814

01/16/25

193,915

65,000

4.829

01/16/25

64,638

26,000

4.836

01/16/25

25,855

156,000

4.838

01/16/25

155,132

494,000

4.843

01/16/25

491,251

182,000

4.843

01/16/25

180,987

78,000

4.843

01/16/25

77,566

234,000

4.858

01/16/25

232,698

91,000

4.858

01/16/25

90,494

65,000

4.859

01/16/25

64,638

416,000

4.874

01/16/25

413,685

767,000

4.874

01/16/25

762,732

429,000

4.881

01/16/25

426,613

156,000

4.883

01/16/25

155,132

390,000

4.883

01/16/25

387,830

156,000

4.885

01/16/25

155,132

68,000

4.885

01/16/25

67,622

78,000

4.892

01/16/25

77,566

182,000

4.896

01/16/25

180,987

130,000

4.906

01/16/25

129,277

104,000

4.906

01/16/25

103,421

26,000

4.947

01/16/25

25,855

65,000

4.953

01/16/25

64,638

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

104,000

4.973%

01/16/25

$

103,421

52,000

4.980

01/16/25

51,711

819,000

4.989

01/16/25

814,443

91,000

5.045

01/16/25

90,494

65,000

5.045

01/16/25

64,638

195,000

5.096

01/16/25

193,915

61,163,800

5.142

01/16/25

60,823,482

630,000

4.476

01/21/25

626,111

595,000

4.476

01/21/25

591,327

70,000

4.487

01/21/25

69,568

210,000

4.502

01/21/25

208,704

385,000

4.502

01/21/25

382,623

180,000

4.525

01/21/25

178,889

392,000

4.551

01/21/25

389,580

245,000

4.551

01/21/25

243,488

147,000

4.555

01/21/25

146,093

167,046,600

4.573

01/21/25

166,015,447

27,744,900

4.573

01/21/25

27,573,635

440,000

4.575

01/21/25

437,284

100,000,000

4.577

01/21/25

99,382,715

12,158,500

4.577

01/21/25

12,083,447

380,000

4.463

01/23/25

377,580

950,000

4.463

01/23/25

943,949

76,000

4.477

01/23/25

75,516

342,000

4.492

01/23/25

339,822

304,000

4.492

01/23/25

302,064

273,000

4.496

01/23/25

271,261

190,000

4.496

01/23/25

188,790

76,000

4.499

01/23/25

75,516

342,000

4.501

01/23/25

339,822

190,000

4.501

01/23/25

188,790

228,000

4.504

01/23/25

226,548

416,000

4.504

01/23/25

413,350

260,000

4.504

01/23/25

258,344

117,000

4.506

01/23/25

116,255

152,000

4.507

01/23/25

151,032

228,000

4.507

01/23/25

226,548

52,000

4.509

01/23/25

51,669

104,000

4.509

01/23/25

103,338

380,000

4.513

01/23/25

377,580

78,000

4.514

01/23/25

77,503

260,000

4.514

01/23/25

258,344

91,000

4.517

01/23/25

90,420

120,000

4.522

01/23/25

119,236

156,000

4.522

01/23/25

155,006

324,000

4.522

01/23/25

321,936

72,000

4.522

01/23/25

71,541

76,000

4.526

01/23/25

75,516

143,000

4.528

01/23/25

142,089

304,000

4.537

01/23/25

302,064

190,000

4.539

01/23/25

188,790

65,000

4.540

01/23/25

64,586

170,000

4.552

01/23/25

168,917

78,000

4.555

01/23/25

77,503

52,000

4.555

01/23/25

51,669

65,000

4.555

01/23/25

64,586

104,000

4.573

01/23/25

103,338

117,000

4.578

01/23/25

116,255

42,048,100

4.588

01/23/25

41,780,266

100,000,000

4.588

01/23/25

99,363,030

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

390,000

4.590%

01/23/25

$

387,516

91,000

4.592

01/23/25

90,420

52,000

4.599

01/23/25

51,669

104,000

4.600

01/23/25

103,338

39,000

4.608

01/23/25

38,752

130,000

4.719

01/23/25

129,172

104,000

4.725

01/23/25

103,338

52,000

4.725

01/23/25

51,669

195,000

4.797

01/23/25

193,758

156,000

4.806

01/23/25

155,006

26,000

4.813

01/23/25

25,834

65,000

4.823

01/23/25

64,586

78,000

4.828

01/23/25

77,503

91,000

4.830

01/23/25

90,420

234,000

4.830

01/23/25

232,509

338,000

4.837

01/23/25

335,847

91,000

4.837

01/23/25

90,420

65,000

4.839

01/23/25

64,586

182,000

4.840

01/23/25

180,841

767,000

4.843

01/23/25

762,114

416,000

4.843

01/23/25

413,350

182,000

4.846

01/23/25

180,841

494,000

4.846

01/23/25

490,853

78,000

4.846

01/23/25

77,503

26,000

4.865

01/23/25

25,834

68,000

4.867

01/23/25

67,567

156,000

4.878

01/23/25

155,006

390,000

4.878

01/23/25

387,516

156,000

4.880

01/23/25

155,006

234,000

4.885

01/23/25

232,509

65,000

4.914

01/23/25

64,586

52,000

4.931

01/23/25

51,669

819,000

4.959

01/23/25

813,783

104,000

4.967

01/23/25

103,338

156,000

5.030

01/23/25

155,006

195,000

5.079

01/23/25

193,758

16,482,900

5.141

01/23/25

16,377,909

40,277,000

5.141

01/23/25

40,020,448

63,000

4.442

01/30/25

62,542

243,000

4.472

01/30/25

241,234

117,000

4.472

01/30/25

116,150

90,000

4.472

01/30/25

89,346

54,000

4.472

01/30/25

53,607

140,000

4.485

01/30/25

138,982

82,000

4.486

01/30/25

81,404

697,000

4.492

01/30/25

691,934

410,000

4.492

01/30/25

407,020

328,000

4.492

01/30/25

325,616

336,000

4.497

01/30/25

333,558

378,000

4.497

01/30/25

375,252

40,000

4.498

01/30/25

39,709

70,000

4.498

01/30/25

69,491

189,000

4.500

01/30/25

187,626

210,000

4.506

01/30/25

208,474

210,000

4.506

01/30/25

208,474

378,000

4.506

01/30/25

375,252

84,000

4.507

01/30/25

83,389

200,000

4.507

01/30/25

198,546

60,000

4.507

01/30/25

59,564

81,000

4.510

01/30/25

80,411

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

420,000

4.511%

01/30/25

$

416,947

252,000

4.512

01/30/25

250,168

114,000

4.525

01/30/25

113,171

171,000

4.525

01/30/25

169,757

456,000

4.525

01/30/25

452,685

294,000

4.527

01/30/25

291,863

126,000

4.527

01/30/25

125,084

45,000

4.534

01/30/25

44,673

114,000

4.539

01/30/25

113,171

57,000

4.539

01/30/25

56,586

84,000

4.540

01/30/25

83,389

123,000

4.541

01/30/25

122,106

328,000

4.557

01/30/25

325,616

72,000

4.577

01/30/25

71,477

72,000

4.582

01/30/25

71,477

63,000

4.584

01/30/25

62,542

81,000

4.593

01/30/25

80,411

32,202,000

4.599

01/30/25

31,967,935

150,000,000

4.599

01/30/25

148,909,705

54,000

4.600

01/30/25

53,607

45,000

4.600

01/30/25

44,673

36,000

4.600

01/30/25

35,738

270,000

4.601

01/30/25

268,037

36,000

4.606

01/30/25

35,738

27,000

4.611

01/30/25

26,804

72,000

4.706

01/30/25

71,477

36,000

4.706

01/30/25

35,738

90,000

4.712

01/30/25

89,346

135,000

4.794

01/30/25

134,019

18,000

4.818

01/30/25

17,869

45,000

4.822

01/30/25

44,673

108,000

4.831

01/30/25

107,215

288,000

4.851

01/30/25

285,907

531,000

4.851

01/30/25

527,140

45,000

4.853

01/30/25

44,673

126,000

4.855

01/30/25

125,084

126,000

4.856

01/30/25

125,084

54,000

4.856

01/30/25

53,607

342,000

4.856

01/30/25

339,514

52,000

4.861

01/30/25

51,622

234,000

4.861

01/30/25

232,299

63,000

4.861

01/30/25

62,542

54,000

4.865

01/30/25

53,607

108,000

4.873

01/30/25

107,215

72,000

4.890

01/30/25

71,477

90,000

4.890

01/30/25

89,346

18,000

4.902

01/30/25

17,869

45,000

4.934

01/30/25

44,673

36,000

4.961

01/30/25

35,738

567,000

4.971

01/30/25

562,879

39,645,000

4.985

01/30/25

39,356,835

108,000

4.478

02/13/25

107,040

189,000

4.478

02/13/25

187,321

702,000

4.479

02/13/25

695,762

182,000

4.481

02/13/25

180,383

141,000

4.490

02/13/25

139,747

546,000

4.490

02/13/25

541,148

234,000

4.499

02/13/25

231,921

130,000

4.500

02/13/25

128,845

648,000

4.502

02/13/25

642,242

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

696,000

4.502%

02/13/25

$

689,815

272,000

4.504

02/13/25

269,583

578,000

4.504

02/13/25

572,864

340,000

4.504

02/13/25

336,979

104,000

4.509

02/13/25

103,076

156,000

4.509

02/13/25

154,614

476,000

4.510

02/13/25

471,770

102,000

4.510

02/13/25

101,094

68,000

4.510

02/13/25

67,396

272,000

4.512

02/13/25

269,583

141,000

4.513

02/13/25

139,747

376,000

4.513

02/13/25

372,659

94,000

4.513

02/13/25

93,165

380,000

4.514

02/13/25

376,623

52,000

4.520

02/13/25

51,538

156,000

4.520

02/13/25

154,614

78,000

4.520

02/13/25

77,307

182,000

4.520

02/13/25

180,383

341,000

4.521

02/13/25

337,970

234,000

4.523

02/13/25

231,921

130,000

4.523

02/13/25

128,845

170,000

4.524

02/13/25

168,489

32,366,400

4.534

02/13/25

32,078,799

12,848,800

4.534

02/13/25

12,734,628

52,000

4.548

02/13/25

51,538

208,000

4.554

02/13/25

206,152

182,000

4.561

02/13/25

180,383

208,000

4.570

02/13/25

206,152

104,000

4.589

02/13/25

103,076

234,000

4.590

02/13/25

231,921

104,000

4.592

02/13/25

103,076

130,000

4.592

02/13/25

128,845

156,000

4.592

02/13/25

154,614

78,000

4.595

02/13/25

77,307

780,000

4.598

02/13/25

773,069

260,000

4.648

02/13/25

257,690

104,000

4.664

02/13/25

103,076

208,000

4.664

02/13/25

206,152

390,000

4.757

02/13/25

386,535

130,000

4.772

02/13/25

128,845

52,000

4.784

02/13/25

51,538

156,000

4.797

02/13/25

154,614

988,000

4.797

02/13/25

979,221

364,000

4.797

02/13/25

360,766

312,000

4.809

02/13/25

309,228

130,000

4.819

02/13/25

128,845

1,534,000

4.820

02/13/25

1,520,369

832,000

4.820

02/13/25

824,607

312,000

4.824

02/13/25

309,228

322,000

4.851

02/13/25

319,139

260,000

4.862

02/13/25

257,690

208,000

4.862

02/13/25

206,152

124,000

4.865

02/13/25

122,898

161,000

4.867

02/13/25

159,569

598,000

4.867

02/13/25

592,686

15,762,900

4.885

02/13/25

15,622,834

138,000

4.888

02/13/25

136,774

46,000

4.923

02/13/25

45,591

1,449,000

4.985

02/13/25

1,436,125

90,403,000

5.011

02/13/25

89,599,699

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

20,000,000

5.011%

02/13/25

$

19,822,284

468,000

4.466

02/18/25

463,584

442,000

4.466

02/18/25

437,829

135,000

4.471

02/18/25

133,726

52,000

4.477

02/18/25

51,509

378,000

4.485

02/18/25

374,433

81,000

4.485

02/18/25

80,236

111,000

4.489

02/18/25

109,953

162,000

4.491

02/18/25

160,471

108,000

4.491

02/18/25

106,981

111,000

4.493

02/18/25

109,953

296,000

4.493

02/18/25

293,207

74,000

4.493

02/18/25

73,302

162,000

4.508

02/18/25

160,471

270,000

4.511

02/18/25

267,452

208,000

4.518

02/18/25

206,037

135,000

4.520

02/18/25

133,726

243,000

4.520

02/18/25

240,707

54,000

4.529

02/18/25

53,490

54,000

4.546

02/18/25

53,490

100,000,000

4.584

02/18/25

99,056,407

45,208,000

4.584

02/18/25

44,781,420

364,000

4.454

02/20/25

360,476

182,000

4.454

02/20/25

180,238

540,000

4.456

02/20/25

534,773

162,000

4.456

02/20/25

160,432

234,000

4.458

02/20/25

231,735

182,000

4.460

02/20/25

180,238

189,000

4.466

02/20/25

187,170

108,000

4.466

02/20/25

106,955

312,000

4.468

02/20/25

308,980

144,000

4.468

02/20/25

142,606

648,000

4.468

02/20/25

641,727

240,000

4.468

02/20/25

237,677

72,000

4.473

02/20/25

71,303

36,000

4.473

02/20/25

35,652

380,000

4.485

02/20/25

376,322

162,000

4.486

02/20/25

160,432

108,000

4.486

02/20/25

106,955

130,000

4.494

02/20/25

128,742

1,491,000

4.495

02/20/25

1,476,567

50,000,000

4.495

02/20/25

49,515,994

135,000

4.496

02/20/25

133,693

52,000

4.498

02/20/25

51,497

81,000

4.501

02/20/25

80,216

189,000

4.501

02/20/25

187,170

208,000

4.503

02/20/25

205,987

442,000

4.503

02/20/25

437,721

260,000

4.503

02/20/25

257,483

162,000

4.503

02/20/25

160,432

280,000

4.504

02/20/25

277,290

288,000

4.505

02/20/25

285,212

180,000

4.505

02/20/25

178,258

135,000

4.506

02/20/25

133,693

243,000

4.506

02/20/25

240,648

54,000

4.507

02/20/25

53,477

81,000

4.513

02/20/25

80,216

378,000

4.513

02/20/25

374,341

342,000

4.514

02/20/25

338,689

208,000

4.522

02/20/25

205,987

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

54,000

4.540%

02/20/25

$

53,477

390,000

4.543

02/20/25

386,225

780,000

4.544

02/20/25

772,450

208,000

4.546

02/20/25

205,987

182,000

4.548

02/20/25

180,238

104,000

4.561

02/20/25

102,993

234,000

4.564

02/20/25

231,735

78,000

4.571

02/20/25

77,245

3,098,000

4.576

02/20/25

3,068,011

260,000

4.642

02/20/25

257,483

208,000

4.642

02/20/25

205,987

104,000

4.642

02/20/25

102,993

390,000

4.703

02/20/25

386,225

52,000

4.731

02/20/25

51,497

130,000

4.739

02/20/25

128,742

156,000

4.754

02/20/25

154,490

988,000

4.754

02/20/25

978,436

364,000

4.754

02/20/25

360,476

312,000

4.761

02/20/25

308,980

832,000

4.770

02/20/25

823,946

1,534,000

4.770

02/20/25

1,519,151

130,000

4.793

02/20/25

128,742

312,000

4.800

02/20/25

308,980

260,000

4.834

02/20/25

257,483

208,000

4.834

02/20/25

205,987

56,000

4.838

02/20/25

55,458

104,000

4.850

02/20/25

102,993

28,000

4.850

02/20/25

27,729

24,000

4.854

02/20/25

23,768

24,000

4.863

02/20/25

23,768

100,000,000

4.880

02/20/25

99,031,988

15,162,400

4.880

02/20/25

15,015,626

8,000

4.910

02/20/25

7,923

252,000

4.924

02/20/25

249,561

13,707,600

5.069

02/20/25

13,574,909

108,000

4.489

02/25/25

106,889

162,000

4.489

02/25/25

160,334

111,000

4.491

02/25/25

109,858

52,000

4.493

02/25/25

51,465

208,000

4.495

02/25/25

205,861

442,000

4.495

02/25/25

437,454

260,000

4.495

02/25/25

257,326

189,000

4.499

02/25/25

187,056

81,000

4.499

02/25/25

80,167

459,000

4.501

02/25/25

454,280

111,000

4.503

02/25/25

109,858

370,000

4.503

02/25/25

366,195

208,000

4.506

02/25/25

205,861

135,000

4.510

02/25/25

133,612

54,000

4.516

02/25/25

53,445

243,000

4.519

02/25/25

240,501

135,000

4.519

02/25/25

133,612

162,000

4.527

02/25/25

160,334

54,000

4.534

02/25/25

53,445

145,208,000

4.583

02/25/25

143,714,650

182,000

4.430

02/27/25

180,081

540,000

4.444

02/27/25

534,308

162,000

4.444

02/27/25

160,292

234,000

4.450

02/27/25

231,533

182,000

4.463

02/27/25

180,081

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

364,000

4.463%

02/27/25

$

360,163

144,000

4.466

02/27/25

142,482

240,000

4.466

02/27/25

237,470

648,000

4.466

02/27/25

641,169

312,000

4.466

02/27/25

308,711

104,000

4.474

02/27/25

102,904

156,000

4.474

02/27/25

154,355

130,000

4.476

02/27/25

128,630

380,000

4.479

02/27/25

375,994

297,000

4.479

02/27/25

293,869

130,000

4.485

02/27/25

128,630

234,000

4.485

02/27/25

231,533

108,000

4.492

02/27/25

106,861

342,000

4.494

02/27/25

338,395

78,000

4.495

02/27/25

77,178

364,000

4.496

02/27/25

360,163

182,000

4.497

02/27/25

180,081

78,000

4.497

02/27/25

77,178

108,000

4.500

02/27/25

106,861

288,000

4.500

02/27/25

284,964

72,000

4.500

02/27/25

71,241

260,000

4.502

02/27/25

257,259

208,000

4.502

02/27/25

205,807

442,000

4.502

02/27/25

437,341

52,000

4.502

02/27/25

51,452

52,000

4.507

02/27/25

51,452

130,000

4.507

02/27/25

128,630

4,426,500

4.509

02/27/25

4,379,837

150,000,000

4.509

02/27/25

148,418,754

156,000

4.512

02/27/25

154,355

424,000

4.515

02/27/25

419,530

780,000

4.517

02/27/25

771,778

52,000

4.524

02/27/25

51,452

104,000

4.532

02/27/25

102,904

130,000

4.532

02/27/25

128,630

156,000

4.532

02/27/25

154,355

208,000

4.536

02/27/25

205,807

208,000

4.536

02/27/25

205,807

104,000

4.550

02/27/25

102,904

182,000

4.558

02/27/25

180,081

78,000

4.559

02/27/25

77,178

234,000

4.573

02/27/25

231,533

312,000

4.630

02/27/25

308,711

260,000

4.633

02/27/25

257,259

390,000

4.707

02/27/25

385,889

312,000

4.733

02/27/25

308,711

52,000

4.740

02/27/25

51,452

130,000

4.741

02/27/25

128,630

130,000

4.765

02/27/25

128,630

988,000

4.770

02/27/25

977,585

364,000

4.770

02/27/25

360,163

156,000

4.770

02/27/25

154,355

1,534,000

4.773

02/27/25

1,517,829

832,000

4.773

02/27/25

823,229

312,000

4.796

02/27/25

308,711

260,000

4.835

02/27/25

257,259

208,000

4.835

02/27/25

205,807

6,858,000

4.843

02/27/25

6,785,705

100,000,000

4.865

02/27/25

98,945,836

22,736,500

4.865

02/27/25

22,496,820

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

70,370,600

4.456%

03/06/25

$

69,570,072

54,000

4.469

03/06/25

53,386

91,000

4.470

03/06/25

89,965

39,000

4.471

03/06/25

38,556

39,000

4.474

03/06/25

38,556

78,000

4.474

03/06/25

77,113

104,000

4.474

03/06/25

102,817

65,000

4.476

03/06/25

64,261

26,000

4.476

03/06/25

25,704

130,000

4.478

03/06/25

128,521

130,000

4.479

03/06/25

128,521

221,000

4.479

03/06/25

218,486

104,000

4.479

03/06/25

102,817

26,000

4.480

03/06/25

25,704

26,000

4.483

03/06/25

25,704

65,000

4.487

03/06/25

64,261

117,000

4.487

03/06/25

115,669

104,000

4.493

03/06/25

102,817

54,000

4.500

03/06/25

53,386

144,000

4.500

03/06/25

142,362

36,000

4.500

03/06/25

35,590

78,000

4.504

03/06/25

77,113

112,000

4.506

03/11/25

110,654

80,000,000

4.508

03/11/25

79,038,348

112,000

4.503

03/18/25

110,566

80,000,000

4.503

03/18/25

78,975,994

112,797,800

4.408

03/20/25

111,337,080

126,000

4.448

03/20/25

124,368

84,000

4.448

03/20/25

82,912

105,000

4.453

03/20/25

103,640

126,000

4.459

03/20/25

124,368

189,000

4.461

03/20/25

186,552

168,000

4.461

03/20/25

165,824

42,000

4.464

03/20/25

41,456

210,000

4.469

03/20/25

207,281

42,000

4.471

03/20/25

41,456

84,000

4.471

03/20/25

82,912

364,000

4.474

03/20/25

359,286

42,000

4.477

03/20/25

41,456

105,000

4.479

03/20/25

103,640

189,000

4.480

03/20/25

186,552

160,000

4.480

03/20/25

157,928

168,000

4.482

03/20/25

165,824

357,000

4.482

03/20/25

352,377

210,000

4.482

03/20/25

207,281

352,000

4.504

03/25/25

347,192

250,000,000

4.510

03/25/25

246,585,117

169,515,900

4.388

03/27/25

167,164,741

62,000

4.423

03/27/25

61,140

155,000

4.432

03/27/25

152,850

248,000

4.447

03/27/25

244,560

310,000

4.447

03/27/25

305,700

527,000

4.447

03/27/25

519,691

93,000

4.449

03/27/25

91,710

248,000

4.449

03/27/25

244,560

186,000

4.449

03/27/25

183,420

310,000

4.453

03/27/25

305,700

84,000

4.460

03/27/25

82,835

42,000

4.460

03/27/25

41,417

62,000

4.469

03/27/25

61,140

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

217,000

4.469%

03/27/25

$

213,990

93,000

4.469

03/27/25

91,710

29,000

4.472

03/27/25

28,598

546,000

4.476

03/27/25

538,427

240,000

4.479

03/27/25

236,671

62,000

4.481

03/27/25

61,140

78,000

4.418

04/03/25

76,859

52,000

4.418

04/03/25

51,239

91,000

4.425

04/03/25

89,669

39,000

4.425

04/03/25

38,429

221,000

4.438

04/03/25

217,767

234,000

4.438

04/03/25

230,577

26,000

4.442

04/03/25

25,620

39,000

4.442

04/03/25

38,429

78,000

4.442

04/03/25

76,859

104,000

4.442

04/03/25

102,478

36,000

4.444

04/03/25

35,473

18,000

4.444

04/03/25

17,737

65,000

4.445

04/03/25

64,049

117,000

4.445

04/03/25

115,288

65,000

4.445

04/03/25

64,049

26,000

4.451

04/03/25

25,620

54,000

4.454

04/03/25

53,210

144,000

4.454

04/03/25

141,893

36,000

4.454

04/03/25

35,473

78,000

4.455

04/03/25

76,859

104,000

4.467

04/03/25

102,478

26,000

4.479

04/03/25

25,620

72,677,000

4.527

04/03/25

71,613,717

130,000

4.392

04/10/25

127,985

78,000

4.397

04/10/25

76,791

52,000

4.397

04/10/25

51,194

591,000

4.427

04/10/25

581,839

26,000

4.429

04/10/25

25,597

182,000

4.433

04/10/25

179,179

65,000

4.437

04/10/25

63,992

26,000

4.442

04/10/25

25,597

182,000

4.445

04/10/25

179,179

39,000

4.445

04/10/25

38,395

26,000

4.446

04/10/25

25,597

104,000

4.446

04/10/25

102,388

221,000

4.446

04/10/25

217,574

130,000

4.446

04/10/25

127,985

18,000

4.448

04/10/25

17,721

36,000

4.448

04/10/25

35,442

78,000

4.450

04/10/25

76,791

54,000

4.452

04/10/25

53,163

180,000

4.452

04/10/25

177,210

104,000

4.466

04/10/25

102,388

25,000,000

4.488

04/10/25

24,612,464

47,677,000

4.488

04/10/25

46,937,939

120,000

4.394

04/24/25

117,949

280,000

4.394

04/24/25

275,215

240,000

4.399

04/24/25

235,899

160,000

4.399

04/24/25

157,266

200,000

4.415

04/24/25

196,582

360,000

4.415

04/24/25

353,848

80,000

4.427

04/24/25

78,633

120,000

4.447

04/24/25

117,949

560,000

4.447

04/24/25

550,431

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

80,000

4.448%

04/24/25

$

78,633

80,000

4.450

04/24/25

78,633

400,000

4.453

04/24/25

393,165

680,000

4.453

04/24/25

668,380

320,000

4.453

04/24/25

314,532

200,000

4.455

04/24/25

196,582

110,000

4.458

04/24/25

108,120

55,000

4.458

04/24/25

54,060

240,000

4.462

04/24/25

235,899

165,000

4.471

04/24/25

162,181

440,000

4.471

04/24/25

432,481

110,000

4.471

04/24/25

108,120

312,000

4.473

04/24/25

306,669

217,855,000

4.488

04/24/25

214,132,389

294,000

4.099

05/15/25

288,271

840,000

4.099

05/15/25

823,633

252,000

4.099

05/15/25

247,090

624,000

4.102

05/15/25

611,842

1,053,000

4.102

05/15/25

1,032,483

507,000

4.102

05/15/25

497,121

574,000

4.108

05/15/25

562,816

287,000

4.108

05/15/25

281,408

539,000

4.114

05/15/25

528,498

369,000

4.117

05/15/25

361,810

600,000

4.124

05/15/25

588,309

168,000

4.125

05/15/25

164,727

294,000

4.125

05/15/25

288,271

205,000

4.128

05/15/25

201,006

1,230,000

4.182

05/15/25

1,206,034

492,000

4.206

05/15/25

482,414

410,000

4.216

05/15/25

402,011

164,000

4.280

05/15/25

160,805

246,000

4.280

05/15/25

241,207

205,000

4.280

05/15/25

201,006

615,000

4.317

05/15/25

603,017

328,000

4.326

05/15/25

321,609

336,000

4.333

05/15/25

329,453

287,000

4.339

05/15/25

281,408

205,000

4.353

05/15/25

201,006

84,000

4.353

05/15/25

82,363

492,000

4.364

05/15/25

482,414

126,000

4.371

05/15/25

123,545

294,000

4.371

05/15/25

288,271

168,000

4.373

05/15/25

164,727

252,000

4.373

05/15/25

247,090

84,000

4.380

05/15/25

82,363

205,000

4.385

05/15/25

201,006

82,000

4.387

05/15/25

80,402

369,000

4.387

05/15/25

361,810

168,000

4.396

05/15/25

164,727

210,000

4.404

05/15/25

205,908

378,000

4.404

05/15/25

370,635

126,000

4.423

05/15/25

123,545

246,000

4.426

05/15/25

241,207

574,000

4.426

05/15/25

562,816

1,558,000

4.426

05/15/25

1,527,643

492,000

4.428

05/15/25

482,414

324,000

4.438

05/15/25

317,687

42,581,000

4.441

05/15/25

41,751,323

2,419,000

4.443

05/15/25

2,371,867

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

1,312,000

4.443%

05/15/25

$

1,286,436

252,000

4.449

05/15/25

247,090

98,000

4.449

05/15/25

96,090

833,000

4.454

05/15/25

816,769

490,000

4.454

05/15/25

480,453

392,000

4.454

05/15/25

384,362

640,000

4.455

05/15/25

627,530

720,000

4.455

05/15/25

705,971

540,000

4.461

05/15/25

529,478

864,000

4.461

05/15/25

847,165

632,000

4.464

05/15/25

619,686

245,000

4.473

05/15/25

240,226

175,000,000

4.474

05/15/25

171,590,183

738,000

4.518

05/15/25

723,620

287,000

4.518

05/15/25

281,408

738,000

4.524

05/15/25

723,620

574,000

4.527

05/15/25

562,816

154,300

4.537

05/15/25

151,294

220,000

4.537

05/15/25

215,713

1,066,000

4.544

05/15/25

1,045,229

287,000

4.544

05/15/25

281,408

1,230,000

4.545

05/15/25

1,206,034

492,000

4.545

05/15/25

482,414

246,000

4.560

05/15/25

241,207

82,000

4.591

05/15/25

80,402

205,000

4.607

05/15/25

201,006

164,000

4.623

05/15/25

160,805

328,000

4.663

05/15/25

321,609

2,583,000

4.665

05/15/25

2,532,671

287,000

4.789

05/15/25

281,408

205,000

4.789

05/15/25

201,006

615,000

4.875

05/15/25

603,017

228,000

4.899

05/15/25

223,557

504,000

4.916

05/15/25

494,180

820,000

4.955

05/15/25

804,023

246,000

4.961

05/15/25

241,207

82,000

4.961

05/15/25

80,402

246,000

4.976

05/15/25

241,207

336,000

5.074

05/15/25

329,453

172,000

5.084

05/15/25

168,649

215,000

5.084

05/15/25

210,811

252,000

5.124

05/15/25

247,090

205,000

5.131

05/15/25

201,006

420,000

5.149

05/15/25

411,816

294,000

5.149

05/15/25

288,272

336,000

5.149

05/15/25

329,453

123,000

5.158

05/15/25

120,603

246,000

5.158

05/15/25

241,207

164,000

5.164

05/15/25

160,805

615,000

5.164

05/15/25

603,017

287,000

5.164

05/15/25

281,408

533,000

5.166

05/15/25

522,615

168,000

5.171

05/15/25

164,727

84,000

5.171

05/15/25

82,363

126,000

5.175

05/15/25

123,545

1,469,300

5.184

05/15/25

1,440,671

164,000

5.193

05/15/25

160,805

533,000

5.222

05/15/25

522,615

56,000

5.241

05/15/25

54,909

150,000,000

5.263

05/15/25

147,077,299

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

28,822,900

5.263%

05/15/25

$

28,261,295

6,088,500

5.286

05/15/25

5,969,868

150,000,000

4.458

05/22/25

146,953,106

208,000

4.468

05/22/25

203,775

50,000,000

4.459

05/29/25

48,941,900

19,642,600

4.459

05/29/25

19,226,923

96,000

4.469

05/29/25

93,968

344,000

4.379

06/12/25

336,273

344,000

4.379

06/12/25

336,273

731,000

4.379

06/12/25

714,581

430,000

4.379

06/12/25

420,342

59,000

4.380

06/12/25

57,675

118,000

4.380

06/12/25

115,350

767,000

4.382

06/12/25

749,772

215,000

4.388

06/12/25

210,171

258,000

4.390

06/12/25

252,205

344,000

4.390

06/12/25

336,273

129,000

4.390

06/12/25

126,103

86,000

4.395

06/12/25

84,068

209,262,100

5.198

06/12/25

204,561,856

28,361,500

5.198

06/12/25

27,724,471

232,000

4.211

07/10/25

226,080

348,000

4.211

07/10/25

339,120

290,000

4.211

07/10/25

282,600

119,000

4.246

07/10/25

115,963

144,000

4.247

07/10/25

140,325

136,000

4.248

07/10/25

132,530

54,000

4.273

07/10/25

52,622

126,000

4.273

07/10/25

122,785

36,000

4.281

07/10/25

35,081

72,000

4.289

07/10/25

70,163

180,000

4.290

07/10/25

175,407

36,000

4.291

07/10/25

35,081

54,000

4.313

07/10/25

52,622

162,000

4.331

07/10/25

157,866

90,000

4.331

07/10/25

87,703

153,000

4.336

07/10/25

149,096

136,000

4.352

07/10/25

132,530

72,000

4.356

07/10/25

70,163

34,000

4.373

07/10/25

33,132

136,000

4.387

07/10/25

132,530

170,000

4.387

07/10/25

165,662

289,000

4.387

07/10/25

281,625

48,000

4.391

07/10/25

46,775

72,000

4.391

07/10/25

70,163

192,000

4.391

07/10/25

187,101

108,000

4.399

07/10/25

105,244

102,000

4.404

07/10/25

99,397

136,000

4.404

07/10/25

132,530

51,000

4.404

07/10/25

49,699

90,000

4.417

07/10/25

87,703

84,000

4.854

07/10/25

81,856

76,246,300

4.859

07/10/25

74,300,643

140,000

4.883

07/10/25

136,427

1,244,000

4.898

07/10/25

1,212,256

6,772,500

4.929

07/10/25

6,599,679

9,529,400

4.939

07/10/25

9,286,228

204,000

3.964

08/07/25

198,133

680,000

3.964

08/07/25

660,442

170,000

3.978

08/07/25

165,111

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

238,000

3.986%

08/07/25

$

231,155

440,000

4.000

08/07/25

427,345

693,000

4.016

08/07/25

673,068

310,000

4.022

08/07/25

301,084

403,000

4.022

08/07/25

391,409

1,023,000

4.022

08/07/25

993,577

136,000

4.029

08/07/25

132,088

238,000

4.029

08/07/25

231,155

1,020,000

4.033

08/07/25

990,663

272,000

4.033

08/07/25

264,177

136,000

4.033

08/07/25

132,088

490,000

4.061

08/07/25

475,907

297,000

4.065

08/07/25

288,458

340,000

4.076

08/07/25

330,221

510,000

4.120

08/07/25

495,332

68,000

4.147

08/07/25

66,044

408,000

4.162

08/07/25

396,265

170,000

4.178

08/07/25

165,111

170,000

4.184

08/07/25

165,111

680,000

4.252

08/07/25

660,442

1,292,000

4.252

08/07/25

1,254,840

272,000

4.262

08/07/25

264,177

231,000

4.264

08/07/25

224,356

264,000

4.273

08/07/25

256,407

198,000

4.273

08/07/25

192,305

297,000

4.273

08/07/25

288,458

1,088,000

4.280

08/07/25

1,056,707

2,006,000

4.280

08/07/25

1,948,304

408,000

4.292

08/07/25

396,265

102,000

4.298

08/07/25

99,066

238,000

4.298

08/07/25

231,155

136,000

4.309

08/07/25

132,088

68,000

4.316

08/07/25

66,044

204,000

4.320

08/07/25

198,133

136,000

4.320

08/07/25

132,088

68,000

4.327

08/07/25

66,044

102,000

4.343

08/07/25

99,066

297,000

4.357

08/07/25

288,458

306,000

4.362

08/07/25

297,199

170,000

4.362

08/07/25

165,111

264,000

4.382

08/07/25

256,407

138,000

4.388

08/07/25

134,031

66,000

4.394

08/07/25

64,102

297,000

4.404

08/07/25

288,458

264,000

4.404

08/07/25

256,407

230,000

4.407

08/07/25

223,385

368,000

4.407

08/07/25

357,416

340,000

4.407

08/07/25

330,221

272,000

4.407

08/07/25

264,177

330,000

4.408

08/07/25

320,509

561,000

4.408

08/07/25

544,865

264,000

4.408

08/07/25

256,407

204,000

4.414

08/07/25

198,133

170,000

4.416

08/07/25

165,111

166,539,500

4.458

08/07/25

161,749,540

46,587,700

3.981

09/04/25

45,099,404

168,000

4.007

09/04/25

162,633

65,000

4.007

09/04/25

62,923

36,000

4.398

09/04/25

34,850

64,000

4.398

09/04/25

61,955

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Bills

–

(continued)

U.S.

Treasury

Bills

–

(continued)

$

16,000

4.404%

09/04/25

$

15,489

24,000

4.414

09/04/25

23,233

36,000

4.414

09/04/25

34,850

96,000

4.414

09/04/25

92,933

136,000

4.425

09/04/25

131,655

80,000

4.425

09/04/25

77,444

64,000

4.425

09/04/25

61,955

88,000

4.428

09/04/25

85,189

48,000

4.428

09/04/25

46,467

45,000

4.432

09/04/25

43,562

336,000

4.225

10/02/25

324,281

287,000

4.244

10/02/25

276,990

328,000

4.246

10/02/25

316,560

294,000

4.267

10/02/25

283,745

126,000

4.267

10/02/25

121,605

150,000,000

4.274

10/02/25

144,768,105

22,819,700

4.274

10/02/25

22,023,765

168,000

4.278

10/02/25

162,140

252,000

4.283

10/02/25

243,210

168,000

4.283

10/02/25

162,140

51,408,200

4.285

10/02/25

49,615,118

84,000

4.290

10/02/25

81,070

84,000

4.295

10/02/25

81,070

126,000

4.311

10/02/25

121,605

369,000

4.319

10/02/25

356,130

210,000

4.347

10/02/25

202,675

378,000

4.347

10/02/25

364,816

328,000

4.382

10/02/25

316,560

114,000

4.385

10/02/25

110,024

57,000

4.385

10/02/25

55,012

82,000

4.397

10/02/25

79,140

738,000

4.418

10/02/25

712,259

697,000

4.418

10/02/25

672,689

114,000

4.419

10/02/25

110,024

456,000

4.419

10/02/25

440,095

171,000

4.419

10/02/25

165,036

205,000

4.421

10/02/25

197,850

252,000

4.421

10/02/25

243,210

697,000

4.439

10/02/25

672,689

42,183,000

4.321

10/30/25

40,587,462

82,165,000

4.361

10/30/25

79,057,175

33,000

4.366

10/30/25

31,752

16,000

4.376

10/30/25

15,395

176,000

4.382

10/30/25

169,343

33,000

4.390

10/30/25

31,752

88,000

4.390

10/30/25

84,671

22,000

4.390

10/30/25

21,168

64,000

4.393

10/30/25

61,579

136,000

4.393

10/30/25

130,856

80,000

4.393

10/30/25

76,974

64,000

4.421

10/30/25

61,579

48,000

4.421

10/30/25

46,184

24,000

4.421

10/30/25

23,092

88,912,400

4.365

11/28/25

85,263,427

128,000

4.381

11/28/25

122,747

5,249,030,473

TOTAL

U.S.

TREASURY

BILLS

(Cost

$5,245,642,526)

5,249,030,473

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Notes

-

7.6%

U.S.

Treasury

Notes

$

560,000

4.541%

01/31/25

$

558,097

342,000

4.543

01/31/25

340,838

1,014,000

4.548

01/31/25

1,010,554

216,000

4.558

01/31/25

215,266

360,000

4.558

01/31/25

358,777

972,000

4.558

01/31/25

968,697

468,000

4.558

01/31/25

466,410

273,000

4.570

01/31/25

272,072

156,000

4.570

01/31/25

155,470

273,000

4.572

01/31/25

272,072

266,000

4.575

01/31/25

265,096

532,000

4.575

01/31/25

530,192

506,000

4.578

01/31/25

504,280

76,000

4.579

01/31/25

75,742

156,000

4.582

01/31/25

155,470

234,000

4.582

01/31/25

233,205

304,000

4.583

01/31/25

302,967

78,000

4.601

01/31/25

77,735

351,000

4.606

01/31/25

349,807

195,000

4.607

01/31/25

194,337

159,000

4.608

01/31/25

158,460

195,000

4.613

01/31/25

194,337

152,000

4.614

01/31/25

151,483

190,000

4.614

01/31/25

189,354

228,000

4.614

01/31/25

227,225

195,000

4.616

01/31/25

194,337

234,000

4.618

01/31/25

233,205

304,000

4.618

01/31/25

302,967

646,000

4.619

01/31/25

643,805

380,000

4.619

01/31/25

378,709

304,000

4.619

01/31/25

302,967

117,000

4.626

01/31/25

116,602

273,000

4.626

01/31/25

272,072

1,170,000

4.633

01/31/25

1,166,024

689,000

4.634

01/31/25

686,658

156,000

4.644

01/31/25

155,470

646,000

4.649

01/31/25

643,805

266,000

4.654

01/31/25

265,096

312,000

4.659

01/31/25

310,940

78,000

4.662

01/31/25

77,735

117,000

4.665

01/31/25

116,602

342,000

4.718

01/31/25

340,838

468,000

4.722

01/31/25

466,410

390,000

4.739

01/31/25

388,675

585,000

4.832

01/31/25

583,012

78,000

4.840

01/31/25

77,735

468,000

4.841

01/31/25

466,410

195,000

4.848

01/31/25

194,337

195,000

4.857

01/31/25

194,337

468,000

4.865

01/31/25

466,410

1,482,000

4.873

01/31/25

1,476,964

546,000

4.873

01/31/25

544,144

234,000

4.873

01/31/25

233,205

3,549,000

4.897

01/31/25

3,536,939

546,000

4.904

01/31/25

544,144

208,000

4.920

01/31/25

207,293

78,000

4.921

01/31/25

77,735

702,000

4.926

01/31/25

699,614

1,014,000

4.927

01/31/25

1,010,554

273,000

4.927

01/31/25

272,072

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Notes

–

(continued)

U.S.

Treasury

Notes

–

(continued)

$

234,000

4.934%

01/31/25

$

233,205

2,457,000

4.957

01/31/25

2,448,650

195,000

4.967

01/31/25

194,337

156,000

4.987

01/31/25

155,470

9,457,100

5.299

01/31/25

9,424,961

160,003,400

5.311

01/31/25

159,459,638

17,184,600

5.312

01/31/25

17,126,199

79,000

4.292

03/15/25

78,389

42,000

4.302

03/15/25

41,675

78,000

4.324

03/15/25

77,397

162,000

4.324

03/15/25

160,747

96,000

4.324

03/15/25

95,257

54,000

4.324

03/15/25

53,582

30,000

4.344

03/15/25

29,768

90,000

4.348

03/15/25

89,304

42,000

4.349

03/15/25

41,675

84,000

4.349

03/15/25

83,350

180,000

4.385

03/15/25

178,608

48,000

4.406

03/15/25

47,629

24,000

4.406

03/15/25

23,814

56,000

4.478

03/15/25

55,567

60,000

4.483

03/15/25

59,536

48,000

4.483

03/15/25

47,629

42,000

4.495

03/15/25

41,675

36,000

4.505

03/15/25

35,722

30,000

4.505

03/15/25

29,768

24,000

4.505

03/15/25

23,814

72,000

4.512

03/15/25

71,443

90,000

4.515

03/15/25

89,304

72,000

4.524

03/15/25

71,443

54,000

4.545

03/15/25

53,582

12,000

4.548

03/15/25

11,907

30,000

4.561

03/15/25

29,768

30,000

4.563

03/15/25

29,768

84,000

4.566

03/15/25

83,350

228,000

4.566

03/15/25

226,237

36,000

4.566

03/15/25

35,722

192,000

4.587

03/15/25

190,515

354,000

4.587

03/15/25

351,262

48,000

4.660

03/15/25

47,629

60,000

4.660

03/15/25

59,536

108,000

4.667

03/15/25

107,165

42,000

4.667

03/15/25

41,675

180,000

4.683

03/15/25

178,608

72,000

4.683

03/15/25

71,443

84,000

4.692

03/15/25

83,350

30,000

4.705

03/15/25

29,768

32,000

4.707

03/15/25

31,753

42,000

4.707

03/15/25

41,675

156,000

4.707

03/15/25

154,793

36,000

4.707

03/15/25

35,722

24,000

4.723

03/15/25

23,814

378,000

4.739

03/15/25

375,076

48,000

4.774

03/15/25

47,629

12,000

4.776

03/15/25

11,907

72,000

4.859

03/15/25

71,443

90,000

4.963

03/15/25

89,304

32,000

4.972

03/15/25

31,752

120,000

4.977

03/15/25

119,072

72,000

4.981

03/15/25

71,443

GOLDMAN

SACHS

ACCESS

TREASURY

0-1

YEAR

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

(a)

Maturity

Date

Value

a

U.S.

Treasury

Notes

–

(continued)

U.S.

Treasury

Notes

–

(continued)

$

29,329,400

5.057%

03/15/25

$

29,102,555

104,000

4.404

03/31/25

102,692

18,000

4.423

03/31/25

17,774

36,000

4.423

03/31/25

35,547

130,000

4.436

03/31/25

128,365

104,000

4.446

03/31/25

102,692

221,000

4.446

03/31/25

218,220

130,000

4.446

03/31/25

128,365

91,000

4.449

03/31/25

89,855

39,000

4.449

03/31/25

38,509

26,000

4.457

03/31/25

25,673

26,000

4.460

03/31/25

25,673

78,000

4.466

03/31/25

77,019

65,000

4.470

03/31/25

64,182

182,000

4.476

03/31/25

179,711

39,000

4.476

03/31/25

38,509

144,000

4.496

03/31/25

142,189

90,000

4.496

03/31/25

88,868

26,000

4.500

03/31/25

25,673

117,000

4.504

03/31/25

115,528

65,000

4.504

03/31/25

64,182

18,490,700

4.986

03/31/25

18,258,122

240,000

4.996

03/31/25

236,981

20,098,800

5.028

03/31/25

19,845,995

31,504,400

5.040

03/31/25

31,108,134

100,000,000

3.933

09/15/25

99,326,171

12,577,700

3.933

09/15/25

12,492,948

160,000

4.407

09/15/25

158,922

40,000

4.424

09/15/25

39,730

360,000

4.427

09/15/25

357,574

144,000

4.427

09/15/25

143,030

56,000

4.428

09/15/25

55,623

28,000

4.428

09/15/25

27,811

60,000

4.431

09/15/25

59,596

280,000

4.431

09/15/25

278,113

84,000

4.444

09/15/25

83,434

224,000

4.444

09/15/25

222,491

56,000

4.444

09/15/25

55,623

432,744,068

TOTAL

U.S.

TREASURY

NOTES

(Cost

$432,623,538)

432,744,068

TOTAL

INVESTMENTS

-

99.9%

(Cost

$5,678,266,064)

$

5,681,774,541

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

-

0.1%

2,868,119

NET

ASSETS

-

100.0%

$

5,684,642,660

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.

Investment

Abbreviations:

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Treasury

Notes

–

34.3%

U.S.

Treasury

Notes

$

14,000

5.000

%

(a)

09/30/25

$

14,066

14,820,000

0.250

(a)

10/31/25

14,278,374

7,980,000

1.625

(a)

05/15/26

7,686,118

9,227,000

1.625

(a)

09/30/26

8,812,955

22,124,000

1.500

(a)

01/31/27

20,909,368

7,520,000

2.250

(a)

08/15/27

7,161,375

20,000,000

3.875

(a)

09/30/29

19,801,942

10,000,000

4.000

(a)

10/31/29

9,957,240

33,500,000

1.250

(a)

08/15/31

27,882,666

10,500,000

2.875

(a)

05/15/32

9,645,182

11,000,000

4.000

(a)

02/15/34

10,835,826

TOTAL

U.S.

TREASURY

NOTES

(Cost

$139,028,757)

136,985,112

a

Mortgage-Backed

Securities

–

27.8%

a

Federal

Home

Loan

Mortgage

Corporation

1,446,479

2.000

04/01/36

1,306,209

2,004,886

2.000

09/01/36

1,805,692

227,654

4.500

07/01/48

222,139

210,461

2.500

11/01/50

179,982

8,732,786

2.000

03/01/51

7,053,268

2,632,595

2.000

05/01/51

2,124,442

2,464,258

2.500

05/01/51

2,088,919

10,259,876

2.500

08/01/51

8,733,544

2,464,203

3.000

05/01/52

2,151,557

920,533

3.500

05/01/52

835,582

179,029

4.500

05/01/52

172,402

3,373,202

3.000

08/01/52

2,985,402

1,227,130

4.000

08/01/52

1,151,161

Federal

National

Mortgage

Association

100,000

0.375

08/25/25

97,185

3,508,975

2.000

08/01/36

3,159,040

4,000,000

1.500

TBA-15yr

(b)

3,486,562

2,000,000

2.500

TBA-15yr

(b)

1,841,562

1,000,000

3.000

TBA-15yr

(b)

941,211

2,280,489

3.500

07/01/45

2,118,726

58,827

4.500

06/01/48

57,431

312,609

4.500

07/01/48

305,189

22,748

5.000

12/01/48

22,718

40,659

4.500

01/01/49

39,527

31,966

4.500

08/01/49

31,211

489,622

4.500

08/01/49

478,053

190,544

5.000

12/01/49

191,204

23,582

4.500

01/01/50

23,038

100,702

4.500

03/01/50

98,312

95,361

5.000

04/01/50

96,914

1,386,168

2.500

06/01/50

1,185,381

45,078

4.500

10/01/50

43,809

78,986

4.500

10/01/50

77,056

1,808,361

2.500

11/01/50

1,542,700

1,831,763

2.500

01/01/51

1,547,219

89,290

2.500

02/01/51

76,339

490,750

2.500

03/01/51

418,876

874,548

2.000

04/01/51

705,068

3,818,117

2.000

05/01/51

3,076,401

608,355

2.500

09/01/51

519,263

2,401,677

2.500

10/01/51

2,050,011

1,102,157

2.500

11/01/51

940,583

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

Federal

National

Mortgage

Association

–

(continued)

$

1,407,693

2.500

%

11/01/51

$

1,201,535

2,279,442

4.500

10/01/52

2,192,263

751,298

5.000

10/01/52

738,553

885,873

5.000

11/01/52

870,283

1,207,920

3.500

12/01/52

1,098,056

1,197,803

4.000

12/01/52

1,123,774

2,000,000

1.500

TBA-30yr

(b)

1,527,109

3,000,000

2.000

TBA-30yr

(b)

2,403,633

3,000,000

3.000

TBA-30yr

(b)

2,616,797

3,000,000

3.500

TBA-30yr

(b)

2,721,094

4,000,000

4.000

TBA-30yr

(b)

3,747,500

2,000,000

5.500

TBA-30yr

(b)

1,998,125

4,000,000

6.000

TBA-30yr

(b)

4,049,219

2,000,000

6.500

TBA-30yr

(b)

2,046,875

1,000,000

7.000

TBA-30yr

(b)

1,036,719

Government

National

Mortgage

Association

45,689

5.000

12/20/48

45,611

24,554

5.000

05/20/49

24,583

254,286

3.000

09/20/49

227,180

89,847

4.500

03/20/50

86,807

48,515

5.000

05/20/50

48,651

193,407

4.000

09/20/50

184,159

2,922,792

2.000

11/20/50

2,404,987

678,981

3.000

07/20/51

603,038

3,130,146

2.000

09/20/51

2,574,816

5,228,685

2.500

09/20/51

4,471,943

2,091,900

4.500

10/20/52

2,024,513

1,635,752

4.000

05/20/53

1,543,192

4,000,000

3.000

TBA-30yr

(b)

3,547,344

4,000,000

3.500

TBA-30yr

(b)

3,660,625

1,000,000

5.000

TBA-30yr

(b)

986,523

1,000,000

5.500

TBA-30yr

(b)

1,001,719

2,000,000

6.000

TBA-30yr

(b)

2,021,172

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$110,307,272)

110,809,286

a

Corporate

Obligations

–

21.7%

Aerospace

&

Defense

–

0.5%

General

Dynamics

Corp.

215,000

3.625

04/01/30

(c)

205,669

L3Harris

Technologies,

Inc.

150,000

5.050

06/01/29

(c)

151,500

Lockheed

Martin

Corp.

239,000

5.250

01/15/33

(c)

246,970

200,000

5.700

11/15/54

(c)

213,991

Northrop

Grumman

Corp.

200,000

3.250

01/15/28

(c)

191,922

100,000

5.200

06/01/54

(c)

97,729

RTX

Corp.

400,000

6.100

03/15/34

(c)

429,435

200,000

6.400

03/15/54

(c)

228,818

Textron,

Inc.

80,000

3.000

06/01/30

(c)

72,518

1,838,552

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Agriculture

–

0.1%

JBS

USA

Holding

Lux

Sarl/

JBS

USA

Food

Co/

JBS

Lux

Co.

Sarl

$

400,000

5.500

%

01/15/30

(c)

$

402,086

Banks

–

4.2%

American

Express

Co.

(

SOFR

+

1.835%

)

200,000

5.043

05/01/34

(c)(d)

201,120

Bank

of

America

Corp.

(

SOFR

+

0.960%

)

57,000

1.734

07/22/27

(c)(d)

54,325

(

3M

U.S.

T-Bill

MMY

+

1.302

)

160,000

3.419

12/20/28

(c)(d)

153,702

(

SOFR

+

1.630%

)

500,000

5.202

04/25/29

(c)(d)

505,817

(

SOFR

+

2.150%

)

180,000

2.592

04/29/31

(c)(d)

160,204

(

SOFR

+

1.650%

)

410,000

5.468

01/23/35

(c)(d)

420,178

(

US

5

Year

CMT

T-Note

+

1.200%

)

84,000

2.482

09/21/36

(c)(d)

69,856

(

3M

U.S.

T-Bill

MMY

+

2.076

)

144,000

4.244

04/24/38

(c)(d)

132,028

100,000

7.750

05/14/38

121,326

Bank

of

America

Corp.

,

MTN

(

SOFR

+

1.010%

)

42,000

1.197

10/24/26

(c)(d)

40,725

(

3M

U.S.

T-Bill

MMY

+

1.322%

)

80,000

3.559

04/23/27

(c)(d)

78,625

75,000

3.248

10/21/27

(c)

72,484

(

SOFR

+

2.040%

)

210,000

4.948

07/22/28

(c)(d)

210,946

(

3M

U.S.

T-Bill

MMY

+

1.472

)

300,000

3.974

02/07/30

(c)(d)

289,895

(

3M

U.S.

T-Bill

MMY

+

1.252

)

160,000

2.496

02/13/31

(c)(d)

142,702

(

SOFR

+

1.530%

)

40,000

1.898

07/23/31

(c)(d)

34,131

(

SOFR

+

1.930%

)

146,000

2.676

06/19/41

(c)(d)

105,635

(

3M

U.S.

T-Bill

MMY

+

3.412

)

154,000

4.083

03/20/51

(c)(d)

127,864

(

SOFR

+

1.880%

)

60,000

2.831

10/24/51

(c)(d)

39,625

Bank

of

America

Corp.

,

Series

L

67,000

4.183

11/25/27

(c)

65,958

73,000

4.750

04/21/45

68,282

Bank

of

America

Corp.

,

Series

N

(

SOFR

+

1.650%

)

42,000

3.483

03/13/52

(c)(d)

31,760

Bank

of

New

York

Mellon

Corp.

(The)

,

MTN

210,000

2.800

05/04/26

(c)

205,275

250,000

3.400

01/29/28

(c)

242,369

126,000

1.800

07/28/31

(c)

106,624

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Capital

One

Financial

Corp.

(

SOFR

+

2.600%

)

$

349,000

5.817

%

02/01/34

(c)(d)

$

359,825

Charles

Schwab

Corp.

(The)

(

SOFR

+

2.010%

)

400,000

6.136

08/24/34

(c)(d)

429,406

Citigroup,

Inc.

(

TSFR3M

+

1.825%

)

1,000,000

3.887

01/10/28

(c)(d)

982,762

(

SOFR

+

1.364%

)

400,000

5.174

02/13/30

(c)(d)

403,907

(

SOFR

+

2.056%

)

200,000

5.827

02/13/35

(c)(d)

203,863

(

SOFR

+

1.447%

)

500,000

5.449

06/11/35

(c)(d)

510,820

Citizens

Bank

NA

376,000

3.750

02/18/26

(c)

370,725

Citizens

Financial

Group,

Inc.

215,000

2.850

07/27/26

(c)

207,815

Fifth

Third

Bancorp

88,000

2.550

05/05/27

(c)

83,602

210,000

3.950

03/14/28

(c)

204,830

40,000

8.250

03/01/38

48,879

JPMorgan

Chase

&

Co.

40,000

7.625

10/15/26

42,130

179,000

8.000

04/29/27

193,888

80,000

4.250

10/01/27

79,604

15,000

5.400

01/06/42

15,336

40,000

4.850

02/01/44

38,518

(

SOFR

+

0.800%

)

42,000

1.045

11/19/26

(c)(d)

40,570

(

3M

U.S.

T-Bill

MMY

+

1.599

)

400,000

3.782

02/01/28

(c)(d)

392,218

(

3M

U.S.

T-Bill

MMY

+

1.642

)

50,000

3.540

05/01/28

(c)(d)

48,648

40,000

3.964

11/15/48

(c)(d)

32,878

(

SOFR

+

1.990%

)

403,000

4.851

07/25/28

(c)(d)

404,145

(

3M

U.S.

T-Bill

MMY

+

1.592

)

40,000

4.452

12/05/29

(c)(d)

39,509

(

3M

U.S.

T-Bill

MMY

+

1.51

)

136,000

2.739

10/15/30

(c)(d)

123,738

(

3M

U.S.

T-Bill

MMY

+

3.79

)

342,000

4.493

03/24/31

(c)(d)

337,085

(

3M

U.S.

T-Bill

MMY

+

1.105

)

25,000

1.764

11/19/31

(c)(d)

21,058

(

SOFR

+

1.180%

)

168,000

2.545

11/08/32

(c)(d)

144,264

(

SOFR

+

1.800%

)

250,000

4.586

04/26/33

(c)(d)

243,866

(

3M

U.S.

T-Bill

MMY

+

1.622

)

152,000

3.882

07/24/38

(c)(d)

134,164

(

SOFR

+

2.440%

)

522,000

3.109

04/22/51

(c)(d)

368,990

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

KeyCorp

(

SOFRINDX

+

2.420%

)

$

300,000

6.401

%

03/06/35

(c)(d)

$

320,498

Morgan

Stanley

(

SOFR

+

0.879%

)

50,000

1.593

05/04/27

(c)(d)

47,800

(

SOFR

+

1.555%

)

400,000

5.320

07/19/35

(c)(d)

405,298

(

SOFR

+

1.360%

)

96,000

2.484

09/16/36

(c)(d)

79,649

Morgan

Stanley

,

GMTN

842,000

3.875

01/27/26

834,865

Morgan

Stanley

,

MTN

(

SOFR

+

1.870%

)

571,000

5.250

04/21/34

(c)(d)

574,581

244,000

4.375

01/22/47

216,196

PNC

Financial

Services

Group,

Inc.

(The)

(

SOFRINDX

+

1.730%

)

299,000

6.615

10/20/27

(c)(d)

308,996

(

SOFR

+

2.284%

)

200,000

6.875

10/20/34

(c)(d)

224,003

State

Street

Corp.

(

SOFR

+

1.484%

)

300,000

5.684

11/21/29

(c)(d)

311,289

Synchrony

Financial

150,000

3.950

12/01/27

(c)

144,106

100,000

2.875

10/28/31

(c)

84,502

Truist

Financial

Corp.

,

MTN

(

SOFR

+

1.620%

)

280,000

5.435

01/24/30

(c)(d)

284,748

(

SOFR

+

1.922%

)

200,000

5.711

01/24/35

(c)(d)

206,196

U.S.

Bancorp

,

MTN

80,000

3.900

04/26/28

(c)

78,091

80,000

3.000

07/30/29

(c)

73,983

40,000

1.375

07/22/30

(c)

33,514

U.S.

Bancorp

,

Series

V

300,000

2.375

07/22/26

(c)

290,042

U.S.

Bancorp

,

Series

X

150,000

3.150

04/27/27

(c)

145,486

Wells

Fargo

&

Co.

286,000

3.000

04/22/26

278,721

400,000

3.000

10/23/26

388,143

128,000

5.606

01/15/44

127,831

60,000

3.900

05/01/45

49,588

Wells

Fargo

&

Co.

,

MTN

(

3M

U.S.

T-Bill

MMY

+

1.572%

)

50,000

3.584

05/22/28

(c)(d)

48,593

25,000

4.150

01/24/29

(c)

24,480

290,000

4.750

12/07/46

257,207

(

3M

U.S.

T-Bill

MMY

+

1.262

)

280,000

2.572

02/11/31

(c)(d)

250,352

(

3M

U.S.

T-Bill

MMY

+

4.032

)

340,000

4.478

04/04/31

(c)(d)

333,371

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Wells

Fargo

Bank

NA

$

300,000

6.600

%

01/15/38

$

336,797

16,947,425

Basic

Industry

–

0.2%

Celanese  U.S.

Holdings

LLC

126,000

6.950

11/15/33

(c)

134,489

Dow

Chemical

Co.

(The)

60,000

3.600

11/15/50

(c)

43,503

Linde,

Inc.

61,000

1.100

08/10/30

(c)

51,105

LYB

International

Finance

III

LLC

40,000

2.250

10/01/30

(c)

34,589

323,000

3.625

04/01/51

(c)

232,319

Sherwin-Williams

Co.

(The)

200,000

3.450

06/01/27

(c)

194,688

Westlake

Corp.

175,000

3.125

08/15/51

(c)

114,891

805,584

Brokerage

–

0.2%

Affiliated

Managers

Group,

Inc.

130,000

3.300

06/15/30

(c)

119,931

Blackrock,

Inc.

200,000

4.750

05/25/33

(c)

200,053

Cboe

Global

Markets,

Inc.

110,000

3.650

01/12/27

(c)

108,061

Jefferies

Financial

Group,

Inc.

40,000

4.850

01/15/27

40,079

40,000

4.150

01/23/30

38,585

84,000

6.250

01/15/36

89,034

20,000

6.500

01/20/43

21,879

617,622

Capital

Goods

–

0.6%

Caterpillar,

Inc.

50,000

3.803

08/15/42

42,293

114,000

3.250

04/09/50

(c)

83,423

CNH

Industrial

Capital

LLC

50,000

1.450

07/15/26

(c)

47,492

Cummins,

Inc.

53,000

2.600

09/01/50

(c)

33,459

Deere

&

Co.

25,000

3.900

06/09/42

(c)

21,639

40,000

2.875

09/07/49

(c)

27,655

25,000

3.750

04/15/50

(c)

20,340

Flowserve

Corp.

140,000

3.500

10/01/30

(c)

128,993

Honeywell

International,

Inc.

100,000

2.700

08/15/29

(c)

92,618

188,000

1.950

06/01/30

(c)

164,564

Illinois

Tool

Works,

Inc.

115,000

3.900

09/01/42

(c)

98,124

John

Deere

Capital

Corp.

,

MTN

90,000

4.800

01/09/26

90,305

300,000

4.750

01/20/28

303,161

35,000

2.800

07/18/29

32,555

80,000

2.450

01/09/30

72,298

Johnson

Controls

International

PLC

100,000

4.500

02/15/47

(c)

87,000

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Capital

Goods

–

(continued)

Otis

Worldwide

Corp.

$

60,000

2.293

%

04/05/27

(c)

$

57,050

Republic

Services,

Inc.

150,000

2.375

03/15/33

(c)

124,610

Trane

Technologies

Financing

Ltd.

50,000

3.800

03/21/29

(c)

48,521

Waste

Management,

Inc.

50,000

0.750

11/15/25

(c)

48,228

100,000

3.150

11/15/27

(c)

96,441

50,000

2.500

11/15/50

(c)

30,902

Westinghouse

Air

Brake

Technologies

Corp.

75,000

3.450

11/15/26

(c)

73,125

117,000

4.700

09/15/28

(c)

116,740

WW

Grainger,

Inc.

60,000

4.600

06/15/45

(c)

55,787

100,000

3.750

05/15/46

(c)

81,388

Xylem,

Inc.

15,000

3.250

11/01/26

(c)

14,584

420,000

1.950

01/30/28

(c)

388,826

2,482,121

Communications

–

0.8%

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

82,000

3.750

02/15/28

(c)

78,731

82,000

4.200

03/15/28

(c)

79,614

90,000

5.050

03/30/29

(c)

89,089

40,000

2.800

04/01/31

(c)

34,257

72,000

6.384

10/23/35

(c)

73,925

66,000

5.375

04/01/38

(c)

60,701

85,000

6.484

10/23/45

(c)

83,459

60,000

5.750

04/01/48

(c)

53,626

40,000

5.125

07/01/49

(c)

32,827

40,000

6.834

10/23/55

(c)

40,588

85,000

3.850

04/01/61

(c)

54,147

60,000

4.400

12/01/61

(c)

42,059

Comcast

Corp.

324,000

3.950

10/15/25

(c)

322,504

360,000

4.550

01/15/29

(c)

360,427

310,000

4.250

01/15/33

296,232

126,000

2.887

11/01/51

(c)

81,622

80,000

5.350

05/15/53

(c)

78,714

200,000

5.650

06/01/54

(c)

206,375

246,000

2.937

11/01/56

(c)

153,490

Time

Warner

Cable

Enterprises

LLC

94,000

8.375

07/15/33

108,025

Time

Warner

Cable

LLC

57,000

6.750

06/15/39

57,605

15,000

5.875

11/15/40

(c)

13,834

57,000

5.500

09/01/41

(c)

50,089

TWDC

Enterprises

18

Corp.

15,000

4.375

08/16/41

13,498

TWDC

Enterprises

18

Corp.

,

GMTN

15,000

4.125

06/01/44

12,888

TWDC

Enterprises

18

Corp.

,

MTN

250,000

2.950

06/15/27

241,066

Walt

Disney

Co.

(The)

70,000

3.700

10/15/25

(c)

69,529

226,000

2.200

01/13/28

211,892

80,000

2.000

09/01/29

(c)

71,549

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Communications

–

(continued)

Walt

Disney

Co.

(The)

–

(continued)

$

80,000

3.800

%

03/22/30

$

77,381

90,000

3.500

05/13/40

(c)

74,734

15,000

4.750

09/15/44

(c)

14,137

50,000

3.600

01/13/51

(c)

38,611

3,277,225

Consumer

Cyclical

–

1.8%

Amazon.com,

Inc.

152,000

3.300

04/13/27

(c)

148,639

250,000

3.150

08/22/27

(c)

242,793

42,000

2.100

05/12/31

(c)

36,379

80,000

4.050

08/22/47

(c)

69,151

15,000

2.500

06/03/50

(c)

9,553

200,000

3.950

04/13/52

(c)

167,062

75,000

4.250

08/22/57

(c)

65,280

50,000

2.700

06/03/60

(c)

30,476

American

Honda

Finance

Corp.

,

GMTN

160,000

5.125

07/07/28

162,922

Best

Buy

Co.,

Inc.

190,000

4.450

10/01/28

(c)

188,525

Booking

Holdings,

Inc.

84,000

4.625

04/13/30

(c)

84,090

Costco

Wholesale

Corp.

40,000

3.000

05/18/27

(c)

38,879

116,000

1.750

04/20/32

(c)

96,188

DR

Horton,

Inc.

90,000

2.600

10/15/25

(c)

88,187

100,000

1.400

10/15/27

(c)

91,833

eBay,

Inc.

84,000

6.300

11/22/32

(c)

90,842

Ford

Motor

Co.

280,000

3.250

02/12/32

(c)

238,479

Ford

Motor

Credit

Co.

LLC

290,000

6.798

11/07/28

(c)

304,481

250,000

7.122

11/07/33

(c)

268,524

General

Motors

Co.

80,000

5.600

10/15/32

(c)

82,546

108,000

5.950

04/01/49

(c)

107,748

General

Motors

Financial

Co.,

Inc.

374,000

6.050

10/10/25

377,382

200,000

5.400

05/08/27

202,981

Home

Depot,

Inc.

(The)

250,000

2.800

09/14/27

(c)

240,131

165,000

4.500

09/15/32

(c)

163,792

63,000

3.125

12/15/49

(c)

44,563

300,000

3.625

04/15/52

(c)

230,547

Lennar

Corp.

152,000

4.750

11/29/27

(c)

152,431

Lowe's

Cos.,

Inc.

92,000

2.625

04/01/31

(c)

81,104

187,000

5.150

07/01/33

(c)

190,116

200,000

5.625

04/15/53

(c)

202,558

100,000

4.450

04/01/62

(c)

82,128

Marriott

International,

Inc.

,

Series

FF

200,000

4.625

06/15/30

(c)

198,640

Mastercard,

Inc.

15,000

3.300

03/26/27

(c)

14,648

100,000

3.950

02/26/48

(c)

83,844

50,000

3.850

03/26/50

(c)

40,809

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Cyclical

–

(continued)

McDonald's

Corp.

,

MTN

$

160,000

3.500

%

03/01/27

(c)

$

156,381

84,000

3.500

07/01/27

(c)

81,938

45,000

4.700

12/09/35

(c)

44,060

60,000

4.450

09/01/48

(c)

52,432

170,000

5.150

09/09/52

(c)

164,377

MDC

Holdings,

Inc.

76,000

2.500

01/15/31

(c)

66,975

40,000

6.000

01/15/43

(c)

41,696

NIKE,

Inc.

20,000

3.375

03/27/50

(c)

14,840

O'Reilly

Automotive,

Inc.

80,000

4.200

04/01/30

(c)

77,505

PulteGroup,

Inc.

88,000

6.375

05/15/33

95,260

Starbucks

Corp.

30,000

3.750

12/01/47

(c)

23,049

Tapestry,

Inc.

33,000

4.125

07/15/27

(c)

32,312

Target

Corp.

300,000

4.500

09/15/32

(c)

295,490

Toyota

Motor

Credit

Corp.

40,000

3.650

01/08/29

38,582

90,000

5.550

11/20/30

93,951

Toyota

Motor

Credit

Corp.

,

MTN

126,000

0.800

01/09/26

121,046

100,000

1.150

08/13/27

91,787

80,000

3.375

04/01/30

75,099

Visa,

Inc.

40,000

1.900

04/15/27

(c)

37,814

77,000

0.750

08/15/27

(c)

70,324

115,000

2.750

09/15/27

(c)

110,439

40,000

4.300

12/14/45

(c)

36,065

Walmart,

Inc.

100,000

7.550

02/15/30

115,518

270,000

1.800

09/22/31

(c)

230,316

200,000

2.650

09/22/51

(c)

131,023

7,216,530

Consumer

Noncyclical

–

1.7%

Abbott

Laboratories

60,000

3.875

09/15/25

(c)

59,718

150,000

4.750

11/30/36

(c)

148,650

100,000

6.000

04/01/39

110,417

40,000

4.750

04/15/43

(c)

38,875

AbbVie,

Inc.

194,000

2.950

11/21/26

(c)

188,561

300,000

4.800

03/15/27

(c)

302,261

100,000

4.625

10/01/42

(c)

92,446

200,000

4.400

11/06/42

180,121

84,000

4.700

05/14/45

(c)

78,207

150,000

4.250

11/21/49

(c)

128,971

Agilent

Technologies,

Inc.

100,000

2.750

09/15/29

(c)

91,544

Altria

Group,

Inc.

115,000

3.400

05/06/30

(c)

106,978

40,000

4.500

05/02/43

34,317

40,000

5.375

01/31/44

39,487

75,000

3.875

09/16/46

(c)

57,677

92,000

5.950

02/14/49

(c)

94,504

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Noncyclical

–

(continued)

Altria

Group,

Inc.

–

(continued)

$

55,000

4.450

%

05/06/50

(c)

$

45,173

Baxter

International,

Inc.

300,000

2.272

12/01/28

(c)

272,144

Becton

Dickinson

&

Co.

200,000

5.110

02/08/34

(c)

201,120

Biogen,

Inc.

300,000

2.250

05/01/30

(c)

262,426

Cardinal

Health,

Inc.

200,000

3.410

06/15/27

(c)

194,314

Centene

Corp.

400,000

4.250

12/15/27

(c)

388,500

Elevance

Health,

Inc.

300,000

5.500

10/15/32

(c)

309,171

Eli

Lilly

&

Co.

15,000

3.100

05/15/27

(c)

14,600

102,000

3.375

03/15/29

(c)

98,033

400,000

4.700

02/09/34

(c)

397,496

44,000

3.950

03/15/49

(c)

36,578

Equifax,

Inc.

40,000

3.250

06/01/26

(c)

39,043

42,000

2.350

09/15/31

(c)

35,683

Gilead

Sciences,

Inc.

200,000

5.250

10/15/33

(c)

204,896

100,000

5.550

10/15/53

(c)

103,369

Johnson

&

Johnson

384,000

2.100

09/01/40

(c)

267,337

Kroger

Co.

(The)

25,000

3.875

10/15/46

(c)

19,744

200,000

5.500

09/15/54

(c)

198,892

Medtronic,

Inc.

50,000

4.375

03/15/35

48,080

Merck

&

Co.,

Inc.

450,000

4.050

05/17/28

(c)

447,143

200,000

5.000

05/17/53

(c)

193,118

Mylan,

Inc.

92,000

5.400

11/29/43

(c)

83,306

77,000

5.200

04/15/48

(c)

66,355

Philip

Morris

International,

Inc.

350,000

4.875

02/13/26

351,027

250,000

5.375

02/15/33

(c)

256,242

Thermo

Fisher

Scientific,

Inc.

300,000

5.086

08/10/33

(c)

305,132

Utah

Acquisition

Sub,

Inc.

75,000

5.250

06/15/46

(c)

65,716

Viatris,

Inc.

92,000

2.700

06/22/30

(c)

80,566

15,000

4.000

06/22/50

(c)

10,734

6,748,672

Consumer

Products

–

0.2%

Clorox

Co.

(The)

115,000

4.600

05/01/32

(c)

113,899

Colgate-Palmolive

Co.

,

MTN

40,000

4.000

08/15/45

34,658

15,000

3.700

08/01/47

(c)

12,130

Haleon

US

Capital

LLC

250,000

4.000

03/24/52

(c)

203,529

Kimberly-Clark

Corp.

125,000

6.625

08/01/37

145,050

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Consumer

Products

–

(continued)

Procter

&

Gamble

Co.

(The)

$

40,000

0.550

%

10/29/25

$

38,658

40,000

1.000

04/23/26

38,300

126,000

2.450

11/03/26

121,657

15,000

2.850

08/11/27

14,486

722,367

Electric

–

2.6%

AEP

Transmission

Co.

LLC

200,000

5.400

03/15/53

(c)

202,388

Alabama

Power

Co.

,

Series

20-A

15,000

1.450

09/15/30

(c)

12,602

Alabama

Power

Co.

,

Series

A

100,000

4.300

07/15/48

(c)

87,096

Ameren

Illinois

Co.

126,000

4.950

06/01/33

(c)

126,892

122,000

5.900

12/01/52

(c)

133,222

American

Electric

Power

Co.,

Inc.

226,000

5.625

03/01/33

(c)

233,396

Atmos

Energy

Corp.

80,000

2.850

02/15/52

(c)

52,051

80,000

5.750

10/15/52

(c)

84,973

Berkshire

Hathaway

Energy

Co.

182,000

4.600

05/01/53

(c)

160,622

Black

Hills

Corp.

20,000

2.500

06/15/30

(c)

17,562

CenterPoint

Energy

Resources

Corp.

400,000

5.250

03/01/28

(c)

407,819

Cleco

Corporate

Holdings

LLC

80,000

3.375

09/15/29

(c)

73,018

Cleco

Power

LLC

15,000

6.000

12/01/40

15,572

Commonwealth

Edison

Co.

300,000

3.650

06/15/46

(c)

237,633

Commonwealth

Edison

Co.

,

Series

123

40,000

3.750

08/15/47

(c)

31,564

Constellation

Energy

Generation

LLC

150,000

6.125

01/15/34

(c)

161,082

Consumers

Energy

Co.

250,000

4.625

05/15/33

(c)

247,729

Dominion

Energy,

Inc.

80,000

4.250

06/01/28

(c)

79,084

Dominion

Energy,

Inc.

,

Series

C

300,000

3.375

04/01/30

(c)

279,417

DTE

Electric

Co.

150,000

3.950

06/15/42

(c)

124,386

15,000

3.700

03/15/45

(c)

12,053

DTE

Electric

Co.

,

Series

A

40,000

4.000

04/01/43

(c)

34,035

Duke

Energy

Carolinas

LLC

118,000

3.700

12/01/47

(c)

91,720

50,000

3.950

03/15/48

(c)

40,440

Duke

Energy

Corp.

102,000

2.550

06/15/31

(c)

89,871

268,000

3.750

09/01/46

(c)

207,030

Duke

Energy

Florida

LLC

25,000

3.400

10/01/46

(c)

18,669

Duke

Energy

Indiana

LLC

50,000

6.350

08/15/38

55,432

40,000

6.450

04/01/39

44,536

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Duke

Energy

Indiana

LLC

–

(continued)

$

130,000

2.750

%

04/01/50

(c)

$

82,884

Duke

Energy

Progress

LLC

100,000

3.450

03/15/29

(c)

95,835

200,000

6.300

04/01/38

219,358

15,000

4.100

05/15/42

(c)

12,876

Edison

International

214,000

5.750

06/15/27

(c)

218,590

184,000

4.125

03/15/28

(c)

180,408

Entergy

Corp.

50,000

2.800

06/15/30

(c)

45,277

Entergy

Louisiana

LLC

194,000

4.200

04/01/50

(c)

161,983

Eversource

Energy

200,000

5.450

03/01/28

(c)

204,679

Exelon

Corp.

240,000

5.300

03/15/33

(c)

245,490

100,000

4.450

04/15/46

(c)

87,160

Georgia

Power

Co.

,

Series

B

168,000

2.650

09/15/29

(c)

154,167

15,000

3.700

01/30/50

(c)

11,668

Government

National

Mortgage

Association

200,000

5.500

03/15/34

(c)

208,984

100,000

5.700

05/15/54

(c)

105,412

National

Rural

Utilities

Cooperative

Finance

Corp.

40,000

2.400

03/15/30

(c)

35,706

100,000

2.750

04/15/32

(c)

87,494

300,000

4.023

11/01/32

(c)

283,489

NiSource,

Inc.

184,000

5.250

03/30/28

(c)

187,053

Northern

States

Power

Co.

172,000

4.500

06/01/52

(c)

153,435

NSTAR

Electric

Co.

15,000

3.200

05/15/27

(c)

14,505

100,000

3.950

04/01/30

(c)

96,810

Oncor

Electric

Delivery

Co.

LLC

250,000

3.100

09/15/49

(c)

175,180

Pacific

Gas

and

Electric

Co.

200,000

2.100

08/01/27

(c)

186,514

210,000

4.300

03/15/45

(c)

173,827

150,000

4.000

12/01/46

(c)

116,958

50,000

5.250

03/01/52

(c)

46,607

PacifiCorp

214,000

5.500

05/15/54

(c)

212,131

PECO

Energy

Co.

100,000

4.800

10/15/43

(c)

91,578

PPL

Capital

Funding,

Inc.

150,000

5.250

09/01/34

(c)

151,530

Public

Service

Electric

and

Gas

Co.

,

MTN

42,000

1.900

08/15/31

(c)

35,217

248,000

3.800

03/01/46

(c)

201,399

80,000

3.000

03/01/51

(c)

55,038

Public

Service

Enterprise

Group,

Inc.

40,000

2.450

11/15/31

(c)

34,501

Puget

Sound

Energy,

Inc.

173,000

4.223

06/15/48

(c)

146,048

Sempra

200,000

3.700

04/01/29

(c)

191,608

110,000

3.800

02/01/38

(c)

94,246

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Sempra

–

(continued)

$

100,000

4.000

%

02/01/48

(c)

$

80,075

(

US

5

Year

CMT

T-Note

+

2.789%

)

400,000

6.875

10/01/54

(c)(d)

409,731

Southern

California

Edison

Co.

40,000

2.850

08/01/29

(c)

36,920

200,000

5.700

03/01/53

(c)

206,101

Southern

Co.

(The)

110,000

5.113

08/01/27

111,608

202,000

4.400

07/01/46

(c)

174,043

Southern

Co.

(The)

,

Series

21-A

(

US

5

Year

CMT

T-Note

+

2.915%

)

100,000

3.750

09/15/51

(c)(d)

96,345

Southern

Co.

Gas

Capital

Corp.

15,000

3.950

10/01/46

(c)

12,121

100,000

4.400

05/30/47

(c)

85,788

Tucson

Electric

Power

Co.

126,000

4.850

12/01/48

(c)

115,856

Virginia

Electric

and

Power

Co.

,

Series

A

100,000

3.500

03/15/27

(c)

97,715

Virginia

Electric

and

Power

Co.

,

Series

B

100,000

6.000

01/15/36

106,679

Virginia

Electric

and

Power

Co.

,

Series

C

150,000

4.000

11/15/46

(c)

122,714

Xcel

Energy,

Inc.

400,000

1.750

03/15/27

(c)

374,261

200,000

5.500

03/15/34

(c)

204,029

10,401,525

Electrical

–

0.0%

Emerson

Electric

Co.

45,000

1.950

10/15/30

(c)

38,958

15,000

6.000

08/15/32

16,186

Fortive

Corp.

15,000

4.300

06/15/46

(c)

12,613

67,757

Energy

–

1.7%

Baker

Hughes

Holdings

LLC

/

Baker

Hughes

Co.-Obligor,

Inc.

69,000

4.080

12/15/47

(c)

57,276

Boardwalk

Pipelines

LP

100,000

4.800

05/03/29

(c)

99,403

BP

Capital

Markets

America,

Inc.

200,000

4.699

04/10/29

(c)

200,742

BP

Capital

Markets

PLC

400,000

3.279

09/19/27

(c)

388,322

Cheniere

Corpus

Christi

Holdings

LLC

40,000

5.125

06/30/27

(c)

40,300

126,000

2.742

12/31/39

(c)

103,363

Chevron

Corp.

210,000

3.326

11/17/25

(c)

208,876

Chevron

USA,

Inc.

200,000

2.343

08/12/50

(c)

120,099

ConocoPhillips

Co.

192,000

3.758

03/15/42

(c)

158,543

Diamondback

Energy,

Inc.

219,000

5.400

04/18/34

(c)

221,293

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Energy

Transfer

LP

$

77,000

3.750

%

05/15/30

(c)

$

72,653

165,000

6.550

12/01/33

(c)

179,140

75,000

6.125

12/15/45

(c)

77,351

192,000

5.300

04/15/47

(c)

177,532

55,000

6.250

04/15/49

(c)

57,597

Enterprise

Products

Operating

LLC

100,000

2.800

01/31/30

(c)

91,557

160,000

4.850

08/15/42

(c)

151,762

55,000

4.800

02/01/49

(c)

50,543

60,000

4.200

01/31/50

(c)

50,183

15,000

3.950

01/31/60

(c)

11,570

Enterprise

Products

Operating

LLC

,

Series

D

80,000

6.875

03/01/33

90,618

EOG

Resources,

Inc.

60,000

3.900

04/01/35

(c)

55,003

Exxon

Mobil

Corp.

200,000

2.275

08/16/26

(c)

193,159

200,000

4.227

03/19/40

(c)

181,486

Halliburton

Co.

50,000

5.000

11/15/45

(c)

47,242

Hess

Corp.

62,000

4.300

04/01/27

(c)

61,585

55,000

6.000

01/15/40

58,313

75,000

5.600

02/15/41

76,514

42,000

5.800

04/01/47

(c)

43,653

Kinder

Morgan

Energy

Partners

LP

126,000

7.300

08/15/33

144,019

Kinder

Morgan,

Inc.

56,000

2.000

02/15/31

(c)

47,743

200,000

5.550

06/01/45

(c)

194,713

84,000

5.200

03/01/48

(c)

77,980

MPLX

LP

200,000

1.750

03/01/26

(c)

192,629

110,000

2.650

08/15/30

(c)

97,456

125,000

4.700

04/15/48

(c)

107,924

85,000

5.500

02/15/49

(c)

81,979

NOV,

Inc.

15,000

3.950

12/01/42

(c)

11,726

Occidental

Petroleum

Corp.

50,000

5.550

03/15/26

(c)

50,353

140,000

6.625

09/01/30

(c)

148,575

153,000

–

10/10/36

(c)(e)(f)

86,445

ONEOK

Partners

LP

15,000

6.650

10/01/36

16,539

ONEOK,

Inc.

80,000

2.200

09/15/25

(c)

78,432

100,000

3.400

09/01/29

(c)

93,866

25,000

6.350

01/15/31

(c)

26,761

90,000

4.200

10/03/47

(c)

71,638

98,000

5.200

07/15/48

(c)

90,966

Phillips

66

Co.

76,000

3.550

10/01/26

(c)

74,590

117,000

5.300

06/30/33

(c)

118,393

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

50,000

4.650

10/15/25

(c)

49,904

40,000

4.500

12/15/26

(c)

39,862

92,000

3.550

12/15/29

(c)

86,081

35,000

6.700

05/15/36

38,911

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Energy

–

(continued)

Plains

All

American

Pipeline

LP

/

PAA

Finance

Corp.

–

(continued)

$

40,000

6.650

%

01/15/37

$

43,406

15,000

4.700

06/15/44

(c)

13,035

Sabine

Pass

Liquefaction

LLC

120,000

4.200

03/15/28

(c)

118,239

15,000

4.500

05/15/30

(c)

14,721

Shell

Finance  U.S.,

Inc.

320,000

4.375

05/11/45

281,524

Spectra

Energy

Partners

LP

67,000

3.375

10/15/26

(c)

65,483

Targa

Resources

Corp.

126,000

6.150

03/01/29

(c)

132,531

87,000

6.500

03/30/34

(c)

94,683

Transcontinental

Gas

Pipe

Line

Co.

LLC

50,000

5.400

08/15/41

(c)

50,304

40,000

3.950

05/15/50

(c)

31,597

Valero

Energy

Corp.

84,000

3.400

09/15/26

(c)

82,088

15,000

4.900

03/15/45

13,835

60,000

3.650

12/01/51

(c)

42,910

Williams

Cos.,

Inc.

(The)

200,000

3.750

06/15/27

(c)

195,919

15,000

6.300

04/15/40

16,196

140,000

4.900

01/15/45

(c)

128,351

XTO

Energy,

Inc.

50,000

6.750

08/01/37

57,128

6,735,113

Financial

Company

–

0.1%

Air

Lease

Corp.

300,000

2.200

01/15/27

(c)

284,755

Ally

Financial,

Inc.

(

SOFR

+

3.260%

)

100,000

6.992

06/13/29

(c)(d)

104,984

Blackstone

Private

Credit

Fund

150,000

3.250

03/15/27

(c)

143,215

GATX

Corp.

50,000

4.000

06/30/30

(c)

47,823

580,777

Food

and

Beverage

–

0.5%

Coca-Cola

Co.

(The)

200,000

2.125

09/06/29

181,120

50,000

2.250

01/05/32

43,213

187,000

3.000

03/05/51

131,052

Conagra

Brands,

Inc.

100,000

1.375

11/01/27

(c)

90,964

Constellation

Brands,

Inc.

40,000

3.150

08/01/29

(c)

37,290

117,000

4.750

05/09/32

(c)

115,379

Hershey

Co.

(The)

40,000

3.375

08/15/46

(c)

30,492

42,000

3.125

11/15/49

(c)

29,680

J

M

Smucker

Co.

(The)

40,000

2.125

03/15/32

(c)

33,241

15,000

4.375

03/15/45

12,885

100,000

3.550

03/15/50

(c)

72,947

Kellanova

100,000

4.500

04/01/46

88,205

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Food

and

Beverage

–

(continued)

Keurig

Dr

Pepper,

Inc.

$

100,000

4.420

%

12/15/46

(c)

$

86,026

100,000

4.500

04/15/52

(c)

86,769

Kraft

Heinz

Foods

Co.

43,000

3.000

06/01/26

(c)

41,927

40,000

3.875

05/15/27

(c)

39,311

80,000

3.750

04/01/30

(c)

76,558

22,000

5.000

07/15/35

(c)

21,861

111,000

5.200

07/15/45

(c)

105,377

52,000

4.375

06/01/46

(c)

44,100

40,000

4.875

10/01/49

(c)

36,044

McCormick

&

Co.,

Inc.

60,000

2.500

04/15/30

(c)

53,426

Molson

Coors

Beverage

Co.

120,000

4.200

07/15/46

(c)

101,198

PepsiCo,

Inc.

146,000

2.750

03/19/30

(c)

133,784

44,000

4.600

07/17/45

(c)

40,331

84,000

4.650

02/15/53

(c)

77,711

Sysco

Corp.

80,000

2.400

02/15/30

(c)

71,227

1,882,118

Healthcare

–

1.0%

Aetna,

Inc.

40,000

4.750

03/15/44

(c)

34,881

Bio-Rad

Laboratories,

Inc.

100,000

3.700

03/15/32

(c)

90,929

Cigna

Group

(The)

400,000

4.375

10/15/28

(c)

396,811

200,000

4.900

12/15/48

(c)

181,548

CVS

Health

Corp.

200,000

3.250

08/15/29

(c)

184,870

250,000

3.750

04/01/30

(c)

233,739

76,000

1.750

08/21/30

(c)

63,334

280,000

4.780

03/25/38

(c)

254,438

256,000

5.050

03/25/48

(c)

226,504

85,000

4.250

04/01/50

(c)

66,271

Elevance

Health,

Inc.

92,000

2.550

03/15/31

(c)

80,411

15,000

4.650

08/15/44

(c)

13,498

40,000

4.850

08/15/54

(c)

34,283

HCA,

Inc.

70,000

5.875

02/15/26

(c)

70,542

46,000

5.250

06/15/26

(c)

46,182

90,000

5.375

09/01/26

(c)

90,691

40,000

4.500

02/15/27

(c)

39,786

25,000

5.625

09/01/28

(c)

25,607

145,000

5.875

02/01/29

(c)

149,441

75,000

4.125

06/15/29

(c)

72,514

50,000

3.500

09/01/30

(c)

46,169

40,000

5.500

06/15/47

(c)

38,264

140,000

5.900

06/01/53

(c)

140,320

McKesson

Corp.

200,000

3.950

02/16/28

(c)

196,719

Quest

Diagnostics,

Inc.

100,000

2.800

06/30/31

(c)

88,394

UnitedHealth

Group,

Inc.

600,000

5.150

07/15/34

(c)

609,456

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Healthcare

–

(continued)

UnitedHealth

Group,

Inc.

–

(continued)

$

500,000

5.625

%

07/15/54

(c)

$

516,293

3,991,895

Insurance

–

0.9%

Allstate

Corp.

(The)

120,000

3.850

08/10/49

(c)

94,115

American

International

Group,

Inc.

100,000

4.750

04/01/48

(c)

92,067

American

International

Group,

Inc.

,

Series

A-9

(

3M

USD

LIBOR

+

2.868%

)

140,000

5.750

04/01/48

(c)(d)

140,283

Arch

Capital

Group

Ltd.

90,000

3.635

06/30/50

(c)

67,810

Arch

Capital

Group

US,

Inc.

40,000

5.144

11/01/43

38,088

Assurant,

Inc.

100,000

2.650

01/15/32

(c)

85,104

AXIS

Specialty

Finance

LLC

40,000

3.900

07/15/29

(c)

38,542

Berkshire

Hathaway

Finance

Corp.

140,000

4.200

08/15/48

(c)

122,452

92,000

4.250

01/15/49

(c)

81,393

Berkshire

Hathaway,

Inc.

88,000

3.125

03/15/26

(c)

86,607

Brighthouse

Financial,

Inc.

40,000

5.625

05/15/30

(c)

41,387

75,000

4.700

06/22/47

(c)

61,201

Chubb

INA

Holdings

LLC

108,000

3.350

05/03/26

(c)

106,138

42,000

1.375

09/15/30

(c)

35,412

116,000

3.050

12/15/61

(c)

75,344

CNO

Financial

Group,

Inc.

200,000

5.250

05/30/29

(c)

200,553

Fidelity

National

Financial,

Inc.

230,000

3.400

06/15/30

(c)

210,865

Hartford

Financial

Services

Group,

Inc.

(The)

30,000

3.600

08/19/49

(c)

22,952

Jackson

Financial,

Inc.

100,000

3.125

11/23/31

(c)

87,015

Marsh

&

McLennan

Cos.,

Inc.

70,000

2.375

12/15/31

(c)

59,904

100,000

4.350

01/30/47

(c)

87,186

MetLife,

Inc.

90,000

5.375

07/15/33

(c)

93,819

15,000

4.125

08/13/42

13,017

80,000

4.600

05/13/46

(c)

73,135

Old

Republic

International

Corp.

150,000

3.875

08/26/26

(c)

147,276

PartnerRe

Finance

B

LLC

92,000

3.700

07/02/29

(c)

87,846

(

US

5

Year

CMT

T-Note

+

3.815%

)

207,000

4.500

10/01/50

(c)(d)

190,920

Progressive

Corp.

(The)

100,000

4.125

04/15/47

(c)

85,749

Prudential

Financial,

Inc.

40,000

3.935

12/07/49

(c)

31,930

Prudential

Financial,

Inc.

,

MTN

15,000

6.625

06/21/40

17,186

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Insurance

–

(continued)

Prudential

Financial,

Inc.,

MTN

–

(continued)

$

50,000

4.600

%

05/15/44

$

45,862

62,000

4.418

03/27/48

(c)

53,886

15,000

4.350

02/25/50

(c)

12,855

60,000

3.700

03/13/51

(c)

45,943

Reinsurance

Group

of

America,

Inc.

430,000

3.900

05/15/29

(c)

412,131

Travelers

Cos.,

Inc.

(The)

92,000

3.750

05/15/46

(c)

74,405

Voya

Financial,

Inc.

(

3M

USD

LIBOR

+

2.084%

)

40,000

4.700

01/23/48

(c)(d)

37,294

W

R

Berkley

Corp.

40,000

4.750

08/01/44

36,809

Willis

North

America,

Inc.

200,000

5.050

09/15/48

(c)

184,789

3,479,270

Lodging

–

0.0%

Las

Vegas

Sands

Corp.

125,000

3.900

08/08/29

(c)

116,996

Media

Non

Cable

–

0.1%

Omnicom

Group,

Inc.

163,000

2.450

04/30/30

(c)

144,628

80,000

4.200

06/01/30

(c)

77,724

222,352

Metals

–

0.0%

Nucor

Corp.

150,000

3.950

05/01/28

(c)

147,180

Mining

–

0.1%

Freeport-McMoRan,

Inc.

200,000

4.125

03/01/28

(c)

195,605

Publishing

–

0.0%

S&P

Global,

Inc.

126,000

2.900

03/01/32

(c)

111,910

REITs

and

Real

Estate

–

0.7%

Alexandria

Real

Estate

Equities,

Inc.

300,000

1.875

02/01/33

(c)

235,779

Boston

Properties

LP

300,000

5.750

01/15/35

(c)

300,830

CBRE

Services,

Inc.

71,000

2.500

04/01/31

(c)

61,617

Digital

Realty

Trust

LP

450,000

3.700

08/15/27

(c)

438,187

Equinix,

Inc.

82,000

3.900

04/15/32

(c)

77,028

95,000

3.000

07/15/50

(c)

62,761

GLP

Capital

LP

/

GLP

Financing

II,

Inc.

40,000

5.750

06/01/28

(c)

40,778

50,000

5.300

01/15/29

(c)

50,265

85,000

4.000

01/15/30

(c)

79,842

51,000

4.000

01/15/31

(c)

47,373

Invitation

Homes

Operating

Partnership

LP

300,000

2.000

08/15/31

(c)

247,837

Kimco

Realty

OP

LLC

268,000

3.200

04/01/32

(c)

239,871

Mid-America

Apartments

LP

100,000

2.875

09/15/51

(c)

65,655

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

REITs

and

Real

Estate

–

(continued)

Realty

Income

Corp.

$

200,000

5.125

%

02/15/34

(c)

$

200,939

Sabra

Health

Care

LP

85,000

5.125

08/15/26

(c)

85,067

100,000

3.200

12/01/31

(c)

87,312

Simon

Property

Group

LP

140,000

2.450

09/13/29

(c)

126,979

70,000

2.200

02/01/31

(c)

60,512

84,000

2.650

02/01/32

(c)

72,833

10,000

6.750

02/01/40

(c)

11,421

70,000

5.850

03/08/53

(c)

73,960

Welltower

OP

LLC

200,000

4.250

04/15/28

(c)

197,043

2,863,889

Revenue

–

0.2%

California

Institute

of

Technology

15,000

3.650

09/01/19

(c)

10,170

Hackensack

Meridian

Health,

Inc.

,

Series

2020

15,000

2.675

09/01/41

(c)

10,887

NYU

Langone

Hospitals

300,000

4.784

07/01/44

285,179

Stanford

Health

Care

100,000

3.027

08/15/51

(c)

69,485

University

of

Chicago

(The)

,

Series

20B

40,000

2.761

04/01/45

(c)

31,371

Yale

University

,

Series

2020

190,000

1.482

04/15/30

(c)

163,233

80,000

2.402

04/15/50

(c)

51,004

621,329

Software

–

0.3%

Oracle

Corp.

701,000

2.300

03/25/28

(c)

652,323

84,000

4.900

02/06/33

(c)

83,767

300,000

3.600

04/01/40

(c)

243,985

326,000

4.000

07/15/46

(c)

262,887

Salesforce,

Inc.

20,000

2.900

07/15/51

(c)

13,517

1,256,479

Technology

–

1.8%

Adobe,

Inc.

40,000

2.300

02/01/30

(c)

36,009

Alphabet,

Inc.

108,000

2.250

08/15/60

(c)

62,803

Apple,

Inc.

84,000

4.421

05/08/26

(c)

84,061

114,000

2.450

08/04/26

(c)

110,448

15,000

3.350

02/09/27

(c)

14,710

15,000

3.200

05/11/27

(c)

14,639

60,000

2.900

09/12/27

(c)

57,818

40,000

1.650

02/08/31

(c)

34,198

45,000

4.500

02/23/36

(c)

45,044

80,000

3.850

05/04/43

69,353

80,000

4.450

05/06/44

76,357

100,000

3.450

02/09/45

80,752

126,000

4.650

02/23/46

(c)

120,617

50,000

4.250

02/09/47

(c)

45,151

50,000

3.750

11/13/47

(c)

41,363

300,000

2.650

02/08/51

(c)

197,022

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Apple,

Inc.

–

(continued)

$

44,000

2.550

%

08/20/60

(c)

$

27,486

Applied

Materials,

Inc.

89,000

3.900

10/01/25

(c)

88,519

82,000

3.300

04/01/27

(c)

79,933

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

152,000

3.875

01/15/27

(c)

149,817

Broadcom,

Inc.

300,000

4.110

09/15/28

(c)

294,228

90,000

3.469

04/15/34

(c)(g)

79,707

60,000

3.187

11/15/36

(c)(g)

49,254

160,000

3.500

02/15/41

(c)(g)

128,080

Corning,

Inc.

67,000

5.350

11/15/48

(c)

66,054

45,000

4.375

11/15/57

(c)

36,984

Dell

International

LLC

/

EMC

Corp.

108,000

6.020

06/15/26

(c)

109,750

137,000

4.900

10/01/26

(c)

137,421

150,000

5.250

02/01/28

(c)

152,910

66,000

5.750

02/01/33

(c)

69,252

FactSet

Research

Systems,

Inc.

50,000

2.900

03/01/27

(c)

47,946

Fiserv,

Inc.

460,000

3.200

07/01/26

(c)

449,240

175,000

4.400

07/01/49

(c)

151,541

Hewlett

Packard

Enterprise

Co.

100,000

6.350

10/15/45

(c)

108,959

Intel

Corp.

500,000

4.875

02/10/28

(c)

500,862

224,000

5.700

02/10/53

(c)

215,003

International

Business

Machines

Corp.

312,000

4.500

02/06/26

311,780

15,000

5.875

11/29/32

16,022

150,000

4.150

05/15/39

133,255

250,000

4.000

06/20/42

212,200

Jabil,

Inc.

80,000

3.600

01/15/30

(c)

74,361

KLA

Corp.

60,000

3.300

03/01/50

(c)

43,828

Kyndryl

Holdings,

Inc.

137,000

2.700

10/15/28

(c)

126,346

42,000

3.150

10/15/31

(c)

36,896

70,000

4.100

10/15/41

(c)

57,307

Lam

Research

Corp.

40,000

3.125

06/15/60

(c)

26,051

Leidos,

Inc.

100,000

4.375

05/15/30

(c)

96,108

Meta

Platforms,

Inc.

165,000

4.950

05/15/33

(c)

168,928

200,000

5.600

05/15/53

(c)

210,524

Microsoft

Corp.

65,000

3.300

02/06/27

(c)

63,769

15,000

3.500

02/12/35

(c)

13,929

143,000

4.200

11/03/35

(c)

139,926

104,000

4.250

02/06/47

(c)

98,017

300,000

2.525

06/01/50

(c)

194,898

84,000

4.000

02/12/55

(c)

72,562

20,000

2.675

06/01/60

(c)

12,436

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Technology

–

(continued)

Motorola

Solutions,

Inc.

$

158,000

2.750

%

05/24/31

(c)

$

139,246

NVIDIA

Corp.

76,000

3.500

04/01/50

(c)

60,063

PayPal

Holdings,

Inc.

300,000

4.400

06/01/32

(c)

293,333

QUALCOMM,

Inc.

150,000

4.800

05/20/45

(c)

140,558

76,000

4.300

05/20/47

(c)

65,870

Texas

Instruments,

Inc.

400,000

4.900

03/14/33

(c)

406,432

VeriSign,

Inc.

118,000

2.700

06/15/31

(c)

101,930

7,349,866

Transportation

–

0.5%

Burlington

Northern

Santa

Fe

LLC

302,000

5.200

04/15/54

(c)

300,349

CSX

Corp.

250,000

4.100

11/15/32

(c)

239,566

100,000

4.500

11/15/52

(c)

89,222

FedEx

Corp.

40,000

3.900

02/01/35

36,303

126,000

4.750

11/15/45

(c)

112,679

40,000

4.400

01/15/47

(c)

33,848

40,000

4.950

10/17/48

(c)

36,563

Norfolk

Southern

Corp.

200,000

5.350

08/01/54

(c)

200,805

Union

Pacific

Corp.

40,000

3.700

03/01/29

(c)

38,706

300,000

4.500

01/20/33

(c)

296,376

70,000

4.050

03/01/46

(c)

59,144

10,000

4.500

09/10/48

(c)

8,940

80,000

3.799

10/01/51

(c)

63,128

60,000

3.839

03/20/60

(c)

45,867

15,000

3.750

02/05/70

(c)

10,829

Union

Pacific

Railroad

Co.

Pass-Through

Trust

,

Series

2015-1

172,747

2.695

05/12/27

161,965

United

Parcel

Service,

Inc.

400,000

4.875

03/03/33

(c)

403,513

2,137,803

Water

–

0.1%

American

Water

Capital

Corp.

140,000

5.150

03/01/34

(c)

142,000

Essential

Utilities,

Inc.

70,000

3.351

04/15/50

(c)

49,232

191,232

Wireless

–

0.8%

American

Tower

Corp.

84,000

3.375

10/15/26

(c)

81,967

160,000

3.600

01/15/28

(c)

154,875

40,000

3.950

03/15/29

(c)

38,704

42,000

3.700

10/15/49

(c)

31,783

20,000

3.100

06/15/50

(c)

13,600

AT&T,

Inc.

50,000

1.650

02/01/28

(c)

45,675

88,000

2.750

06/01/31

(c)

78,252

158,000

2.250

02/01/32

(c)

133,205

187,000

4.500

05/15/35

(c)

177,507

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Wireless

–

(continued)

AT&T,

Inc.

–

(continued)

$

400,000

3.500

%

06/01/41

(c)

$

321,133

140,000

3.650

06/01/51

(c)

104,326

100,000

3.300

02/01/52

(c)

70,520

117,000

3.500

09/15/53

(c)

83,389

168,000

3.550

09/15/55

(c)

119,642

T-Mobile

USA,

Inc.

110,000

3.750

04/15/27

(c)

107,892

50,000

4.750

02/01/28

(c)

49,938

300,000

4.950

03/15/28

(c)

302,093

340,000

4.500

04/15/50

(c)

294,739

70,000

5.650

01/15/53

(c)

71,622

Verizon

Communications,

Inc.

145,000

3.000

03/22/27

(c)

140,049

89,000

2.355

03/15/32

(c)

75,251

290,000

3.400

03/22/41

(c)

228,532

474,000

3.550

03/22/51

(c)

350,278

66,000

2.987

10/30/56

(c)

41,873

40,000

3.700

03/22/61

(c)

29,132

3,145,977

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$90,902,206)

86,557,257

a

U.S.

Treasury

Bonds

–

10.6%

U.S.

Treasury

Bonds

10,091,000

4.500

(a)

02/15/36

10,434,433

5,644,000

4.375

(a)

02/15/38

5,722,026

5,563,000

3.875

(a)

08/15/40

5,262,981

9,665,000

2.750

(a)

08/15/42

7,631,868

7,892,000

2.500

(a)

02/15/45

5,773,964

8,053,000

2.500

(a)

05/15/46

5,805,135

1,853,000

2.375

(a)

11/15/49

1,260,245

952,600

2.250

(a)

02/15/52

622,378

TOTAL

U.S.

TREASURY

BONDS

(Cost

$46,914,745)

42,513,030

a

Foreign

Corporate

Debt

–

5.6%

Banks

–

2.6%

Banco

Bilbao

Vizcaya

Argentaria

SA

(

Spain

)

200,000

1.125

09/18/25

194,364

Banco

Santander

SA

(

Spain

)

200,000

1.849

03/25/26

192,443

200,000

3.800

02/23/28

193,359

Bank

of

Montreal

(

Canada

)

400,000

5.300

06/05/26

404,005

Bank

of

Nova

Scotia

(The)

(

Canada

)

268,000

5.250

06/12/28

273,543

Canadian

Imperial

Bank

of

Commerce

(

Canada

)

300,000

5.926

10/02/26

306,564

Cooperatieve

Rabobank

UA

(

Netherlands

)

300,000

5.500

10/05/26

305,122

Deutsche

Bank

AG

(

Germany

)

(

SOFR

+

1.318%

)

393,000

2.552

01/07/28

(c)(d)

373,904

(

SOFR

+

2.257%

)

350,000

3.742

01/07/33

(c)(d)

303,362

Export-Import

Bank

of

Korea

(

South

Korea

)

340,000

2.625

05/26/26

330,473

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

Export-Import

Bank

of

Korea

(South

Korea)

–

(continued)

$

270,000

1.250

%

09/21/30

$

225,665

280,000

2.500

06/29/41

204,751

HSBC

Holdings

PLC

(

United

Kingdom

)

(

SOFR

+

3.030%

)

317,000

7.336

11/03/26

(c)(d)

323,632

370,000

4.950

03/31/30

371,760

(

SOFR

+

1.187%

)

290,000

2.804

05/24/32

(c)(d)

251,309

(

SOFR

+

2.390%

)

400,000

6.254

03/09/34

(c)(d)

425,158

(

SOFR

+

2.650%

)

200,000

6.332

03/09/44

(c)(d)

218,735

Japan

Bank

for

International

Cooperation

(

Japan

)

400,000

0.625

07/15/25

390,547

Korea

Development

Bank

(The)

(

South

Korea

)

270,000

0.800

07/19/26

254,438

320,000

4.375

02/15/33

313,335

Kreditanstalt

fuer

Wiederaufbau

(

Germany

)

500,000

0.375

07/18/25

487,614

Landwirtschaftliche

Rentenbank

(

Germany

)

70,000

0.875

03/30/26

66,864

Lloyds

Banking

Group

PLC

(

United

Kingdom

)

(

US

1

Year

CMT

T-Note

+

1.480%

)

280,000

5.985

08/07/27

(c)(d)

284,195

300,000

4.375

03/22/28

295,617

Mitsubishi

UFJ

Financial

Group,

Inc.

(

Japan

)

(

US

1

Year

CMT

T-Note

+

1.950%

)

458,000

5.017

07/20/28

(c)(d)

462,072

(

US

1

Year

CMT

T-Note

+

1.970%

)

400,000

5.406

04/19/34

(c)(d)

413,159

Mizuho

Financial

Group,

Inc.

(

Japan

)

(

US

1

Year

CMT

T-Note

+

1.500%

)

200,000

5.667

05/27/29

(c)(d)

205,960

Royal

Bank

of

Canada

(

Canada

)

111,000

3.875

05/04/32

104,257

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

126,000

5.200

07/20/26

127,378

124,000

2.300

11/03/31

106,292

Santander

UK

Group

Holdings

PLC

(

United

Kingdom

)

(

SOFR

+

1.475%

)

282,000

2.896

03/15/32

(c)(d)

247,230

Sumitomo

Mitsui

Financial

Group,

Inc.

(

Japan

)

400,000

5.520

01/13/28

410,249

400,000

5.766

01/13/33

420,517

Svensk

Exportkredit

AB

,

GMTN

(

Sweden

)

200,000

0.625

05/14/25

196,538

Toronto-Dominion

Bank

(The)

(

Canada

)

197,000

4.456

06/08/32

191,502

UBS

AG

(

Switzerland

)

400,000

7.500

02/15/28

432,552

10,308,465

Brokerage

–

0.2%

Brookfield

Finance,

Inc.

(

Canada

)

300,000

4.350

04/15/30

(c)

293,229

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Brokerage

–

(continued)

Brookfield

Finance,

Inc.

(Canada)

–

(continued)

$

15,000

3.500

%

03/30/51

(c)

$

10,862

Nomura

Holdings,

Inc.

(

Japan

)

300,000

5.709

01/09/26

302,467

606,558

Communications

–

0.0%

RELX

Capital,

Inc.

(

United

Kingdom

)

100,000

3.000

05/22/30

(c)

92,062

Consumer

Cyclical

–

0.0%

Honda

Motor

Co.

Ltd.

(

Japan

)

110,000

2.534

03/10/27

(c)

105,486

Consumer

Noncyclical

–

0.4%

Ahold

Finance

USA

LLC

(

Netherlands

)

128,000

6.875

05/01/29

138,685

Astrazeneca

Finance

LLC

(

United

Kingdom

)

73,000

2.250

05/28/31

(c)

63,277

400,000

5.000

02/26/34

(c)

402,818

BAT

Capital

Corp.

(

United

Kingdom

)

300,000

2.259

03/25/28

(c)

276,792

250,000

4.390

08/15/37

(c)

222,780

GlaxoSmithKline

Capital,

Inc.

(

United

Kingdom

)

84,000

6.375

05/15/38

94,018

Novartis

Capital

Corp.

(

Switzerland

)

126,000

2.000

02/14/27

(c)

119,970

Takeda

Pharmaceutical

Co.

Ltd.

(

Japan

)

250,000

5.000

11/26/28

(c)

253,341

1,571,681

Consumer

Products

–

0.0%

Unilever

Capital

Corp.

(

United

Kingdom

)

150,000

4.250

08/12/27

(c)

149,671

Energy

–

0.4%

Canadian

Natural

Resources

Ltd.

(

Canada

)

85,000

6.250

03/15/38

89,547

Canadian

Natural

Resources

Ltd.

,

GMTN

(

Canada

)

100,000

4.950

06/01/47

(c)

90,093

Cenovus

Energy,

Inc.

(

Canada

)

70,000

2.650

01/15/32

(c)

59,498

19,000

5.250

06/15/37

(c)

18,274

Enbridge,

Inc.

(

Canada

)

110,000

3.125

11/15/29

(c)

101,999

84,000

6.200

11/15/30

(c)

89,814

15,000

5.500

12/01/46

(c)

14,972

100,000

3.400

08/01/51

(c)

71,276

(

3M

U.S.

T-Bill

MMY

+

3.903%

)

15,000

6.250

03/01/78

(c)(d)

14,813

TotalEnergies

Capital

International

SA

(

France

)

185,000

3.455

02/19/29

(c)

177,610

200,000

2.829

01/10/30

(c)

184,396

70,000

3.127

05/29/50

(c)

48,890

TransCanada

PipeLines

Ltd.

(

Canada

)

250,000

4.250

05/15/28

(c)

246,456

250,000

7.625

01/15/39

298,836

Transcanada

Trust

,

Series

16-A

(

Canada

)

(

3M

USD

LIBOR

+

4.640%

)

115,000

5.875

08/15/76

(c)(d)

114,712

1,621,186

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Financial

Company

–

0.1%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

$

455,000

3.300

%

01/30/32

(c)

$

404,123

Food

and

Beverage

–

0.2%

Anheuser-Busch

Cos.

LLC

/

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

180,000

4.900

02/01/46

(c)

171,943

Anheuser-Busch

InBev

Finance,

Inc.

(

Belgium

)

55,000

4.700

02/01/36

(c)

53,819

100,000

4.900

02/01/46

(c)

95,524

Anheuser-Busch

InBev

Worldwide,

Inc.

(

Belgium

)

300,000

3.500

06/01/30

(c)

284,483

46,000

4.375

04/15/38

(c)

43,263

8,000

4.600

04/15/48

(c)

7,487

108,000

5.550

01/23/49

(c)

112,802

90,000

4.750

04/15/58

(c)

83,615

852,936

Forest

Products

&

Paper

–

0.0%

Suzano

Austria

GmbH

(

Brazil

)

200,000

6.000

01/15/29

(c)

202,842

Insurance

–

0.1%

Fairfax

Financial

Holdings

Ltd.

(

Canada

)

400,000

3.375

03/03/31

(c)

363,531

Internet

–

0.0%

JD.com,

Inc.

(

China

)

200,000

3.875

04/29/26

197,293

Lodging

–

0.1%

Sands

China

Ltd.

(

Macau

)

299,000

3.250

08/08/31

(c)

257,888

Mining

–

0.0%

Southern

Copper

Corp.

(

Mexico

)

85,000

5.875

04/23/45

85,358

Multi-National

–

0.9%

Asian

Development

Bank

,

GMTN

(

Supranational

)

360,000

1.000

04/14/26

344,365

400,000

2.625

01/12/27

387,444

400,000

2.750

01/19/28

383,446

European

Investment

Bank

(

Supranational

)

400,000

0.375

03/26/26

380,129

400,000

3.875

03/15/28

396,560

Inter-American

Development

Bank

,

GMTN

(

Supranational

)

270,000

1.750

03/14/25

267,827

400,000

2.000

06/02/26

386,741

International

Bank

for

Reconstruction

&

Development

,

Series

GDIF

(

Supranational

)

400,000

2.500

07/29/25

394,875

International

Finance

Corp.

,

GMTN

(

Supranational

)

370,000

3.625

09/15/25

367,388

320,000

0.750

10/08/26

300,241

3,609,016

Oil

Company-Integrated

–

0.3%

Petroleos

Mexicanos

(

Mexico

)

95,000

6.875

08/04/26

94,242

100,000

5.350

02/12/28

92,619

160,000

5.950

01/28/31

(c)

137,838

154,000

10.000

02/07/33

(c)

163,464

70,000

6.375

01/23/45

49,117

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Oil

Company-Integrated

–

(continued)

Petroleos

Mexicanos

(Mexico)

–

(continued)

$

95,000

6.950

%

01/28/60

(c)

$

68,098

QatarEnergy

(

Qatar

)

284,000

3.300

07/12/51

(c)(g)

202,149

Saudi

Arabian

Oil

Co.

(

Saudi

Arabia

)

300,000

2.250

11/24/30

(c)(g)

258,657

1,066,184

Technology

–

0.1%

NXP

BV

/

NXP

Funding

LLC

(

China

)

40,000

5.350

03/01/26

(c)

40,232

NXP

BV

/

NXP

Funding

LLC

/

NXP

USA,

Inc.

(

China

)

57,000

3.400

05/01/30

(c)

52,841

75,000

2.500

05/11/31

(c)

64,968

83,000

5.000

01/15/33

(c)

82,507

240,548

Transportation

–

0.0%

Canadian

Pacific

Railway

Co.

(

Canada

)

138,000

2.450

12/02/31

(c)

120,224

Wireless

–

0.1%

Rogers

Communications,

Inc.

(

Canada

)

250,000

5.300

02/15/34

(c)

250,115

Wirelines

–

0.1%

Deutsche

Telekom

International

Finance

BV

(

Germany

)

15,000

8.750

06/15/30

17,708

Orange

SA

(

France

)

82,000

9.000

03/01/31

99,648

Telefonica

Emisiones

SA

(

Spain

)

260,000

4.895

03/06/48

233,464

Telefonica

Europe

BV

(

Spain

)

50,000

8.250

09/15/30

57,820

408,640

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$22,687,362)

22,513,807

a

Sovereign

Debt

Obligations

–

2.4%

Sovereign

–

2.4%

Abu

Dhabi

Government

International

Bond

200,000

1.625

06/02/28

(g)

180,934

300,000

3.125

04/16/30

(g)

278,783

200,000

2.700

09/02/70

(g)

116,433

Chile

Government

International

Bond

350,000

2.750

01/31/27

(c)

335,729

200,000

2.450

01/31/31

(c)

175,033

200,000

3.860

06/21/47

159,184

200,000

3.500

01/25/50

(c)

148,162

Colombia

Government

International

Bond

200,000

4.500

03/15/29

(c)

186,758

100,000

6.125

01/18/41

84,673

220,000

5.000

06/15/45

(c)

157,172

Finance

Department

Government

of

Sharjah

300,000

4.000

07/28/50

(g)

200,825

Hungary

Government

International

Bond

300,000

6.125

05/22/28

(g)

307,954

Indonesia

Government

International

Bond

200,000

3.850

10/15/30

189,247

200,000

4.650

09/20/32

(c)

194,851

280,000

4.850

01/11/33

(c)

276,316

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Sovereign

Debt

Obligations

–

(continued)

Sovereign

–

(continued)

Indonesia

Government

International

Bond

–

(continued)

$

200,000

3.700

%

10/30/49

$

155,625

200,000

5.650

01/11/53

(c)

206,676

Israel

Government

International

Bond

,

Series

10Y

200,000

4.500

01/17/33

188,168

Mexico

Government

International

Bond

338,000

4.150

03/28/27

332,523

250,000

3.250

04/16/30

(c)

223,256

282,000

4.750

04/27/32

(c)

263,983

250,000

3.500

02/12/34

(c)

206,425

200,000

4.350

01/15/47

149,300

262,000

3.771

05/24/61

(c)

161,436

Panama

Government

International

Bond

81,000

6.700

01/26/36

80,350

244,000

4.500

04/01/56

(c)

159,773

200,000

4.500

01/19/63

(c)

129,597

Perusahaan

Penerbit

SBSN

Indonesia

III

350,000

4.550

03/29/26

(g)

350,000

200,000

2.800

06/23/30

(g)

179,316

200,000

2.550

06/09/31

(g)

173,356

Peruvian

Government

International

Bond

87,000

1.862

12/01/32

(c)

67,967

55,000

8.750

11/21/33

67,498

85,000

3.300

03/11/41

(c)

65,113

Philippine

Government

International

Bond

200,000

3.750

01/14/29

191,893

338,000

2.457

05/05/30

299,477

220,000

5.609

04/13/33

228,223

229,000

6.375

10/23/34

252,432

200,000

2.650

12/10/45

133,033

Province

of

Alberta

Canada

50,000

3.300

03/15/28

48,460

Province

of

Ontario

Canada

30,000

1.050

05/21/27

27,742

30,000

1.600

02/25/31

25,480

Province

of

Quebec

Canada

90,000

0.600

07/23/25

87,775

25,000

2.750

04/12/27

24,135

Qatar

Government

International

Bond

270,000

3.750

04/16/30

(g)

259,719

200,000

4.817

03/14/49

(g)

188,097

Republic

of

Poland

Government

International

Bond

30,000

3.250

04/06/26

29,519

70,000

5.750

11/16/32

(c)

72,870

Romanian

Government

International

Bond

16,000

3.000

02/14/31

(g)

13,233

108,000

5.125

06/15/48

(g)

86,265

Saudi

Government

International

Bond

300,000

2.900

10/22/25

(g)

294,920

300,000

4.750

01/18/28

(g)

299,899

326,000

4.875

07/18/33

(g)

324,053

300,000

5.000

01/16/34

(g)

299,314

300,000

5.000

01/18/53

(g)

268,149

Uruguay

Government

International

Bond

15,000

4.375

01/23/31

(c)

14,738

72,000

5.100

06/18/50

69,255

TOTAL

SOVEREIGN

DEBT

OBLIGATIONS

(Cost

$10,209,924)

9,691,097

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

U.S.

Government

Agency

Obligations

–

0.2%

Federal

Home

Loan

Banks

$

200,000

0.375

%

09/04/25

$

194,195

250,000

1.250

12/21/26

235,916

Federal

Home

Loan

Mortgage

Corp.

,

MTN

700,000

–

11/15/38

(e)

361,206

TOTAL

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(Cost

$812,917)

791,317

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

5.9%

(h)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

23,427,572

4.541%

23,427,572

(Cost

$23,427,572)

TOTAL

INVESTMENTS

–

108.5%

(Cost

$444,290,755)

$

433,288,478

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(8.5)%

(34,096,288)

NET

ASSETS

–

100.0%

$

399,192,190

  a

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.

(b)

TBA

(To

Be

Announced)

Securities

are

purchased

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

Total

market

value

of

TBA

securities

(excluding

forward

sales

contracts,

if

any)

amounts

to

$39,633,789

which

represents

approximately

9.9%

of

the

Fund’s

net

assets

as

of

November

30,

2024.

(c)

Securities

with

“Call”

features.

Maturity

dates

disclosed

are

the

final

maturity

date.

(d)

Variable

or

floating

rate

security.

Except

for

floating

rate

notes

(for

which

final

maturity

is

disclosed),

maturity

date

disclosed

is

the

next

interest

reset

date.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(e)

Issued

with

a

zero

coupon.

Income

is

recognized

through

the

accretion

of

discount.

(f)

Security

with

“Put”

features

and

resetting

interest

rates.

Maturity

dates

disclosed

are

the

puttable

dates.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(g)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(h)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CMT

—

Constant

Maturity

Treasury

Index

FNMA

—

Federal

National

Mortgage

Association

GMTN

—

Global

Medium

Term

Note

GNMA

—

Insured

by

Government

National

Mortgage

Association

GOLDMAN

SACHS

ACCESS

U.S.

AGGREGATE

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

(Unaudited)

Additional

Investment

Information 

**End

swaps

header**

Investment

Abbreviations:

(continued)

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

Investment

Abbreviations:

(continued)

T-Bill

—

Treasury

Bill

TSFR

—

Term

Secured

Overnight

Financing

Rate

FORWARD

SALES

CONTRACTS

—

At

November

30,

2024,

the

Fund

had

the

following

forward

sales

contracts:

Description

Interest

Rate

Maturity

Date

 (a)

Settlement

Date

Principal

Amount

Value

FNMA

2.000

%

TBA-15yr

12/01/39

$

(1,000,000)

$

(896,055)

FNMA

2.500

TBA-30yr

12/01/54

(12,000,000)

(10,052,812)

FNMA

4.500

TBA-30yr

12/01/54

(1,000,000)

(961,406)

GNMA

2.000

TBA-30yr

12/20/54

(1,000,000)

(821,055)

GNMA

2.500

TBA-30yr

12/20/54

(1,000,000)

(854,844)

Total

(Proceed

Receivable

$13,332,734)

$

(13,586,172)

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.

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

54.3%

Banks

–

30.0%

American

Express

Co.

(

(US

5

Year

CMT

T-Note

+

2.854%)

)

$

858,000

3.550

%

09/15/73

(a)

$

820,462

Bank

of

America

Corp.

,

Series

AA

(

(TSFR3M

+

4.160%)

)

166,000

6.100

09/17/73

(a)

166,208

Bank

of

America

Corp.

,

Series

DD

(

(TSFR3M

+

4.815%)

)

431,000

6.300

09/10/73

(a)

436,926

Bank

of

America

Corp.

,

Series

FF

(

(TSFR3M

+

3.193%)

)

717,000

5.875

09/15/73

(a)

722,378

Bank

of

America

Corp.

,

Series

MM

(

(TSFR3M

+

2.926%)

)

50,000

4.300

07/28/73

(a)

49,937

Bank

of

America

Corp.

,

Series

RR

(

(US

5

Year

CMT

T-Note

+

2.760%)

)

975,000

4.375

04/27/73

(a)

944,531

Bank

of

America

Corp.

,

Series

TT

(

(US

5

Year

CMT

T-Note

+

3.231%)

)

546,000

6.125

07/27/73

(a)

559,650

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

F

(

(TSFR3M

+

3.393%)

)

690,000

4.625

03/20/73

(a)

679,650

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

G

(

(US

5

Year

CMT

T-Note

+

4.358%)

)

308,000

4.700

09/20/73

(a)

306,460

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

H

(

(US

5

Year

CMT

T-Note

+

3.352%)

)

864,000

3.700

03/20/73

(a)

846,720

Bank

of

New

York

Mellon

Corp.

(The)

,

Series

I

(

(US

5

Year

CMT

T-Note

+

2.630%)

)

117,000

3.750

03/20/73

(a)

112,174

Capital

One

Financial

Corp.

,

Series

M

(

(US

5

Year

CMT

T-Note

+

3.157%)

)

378,000

3.950

09/01/73

(a)

362,880

Charles

Schwab

Corp.

(The)

,

Series

G

(

(US

5

Year

CMT

T-Note

+

4.971%)

)

1,682,000

5.375

09/01/73

(a)

1,684,103

Charles

Schwab

Corp.

(The)

,

Series

H

(

(10

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.079%)

)

964,000

4.000

03/01/73

(a)

847,115

Citigroup,

Inc.

,

Series

AA

(

(US

5

Year

CMT

T-Note

+

3.211%)

)

980,000

7.625

02/15/73

(a)

1,043,700

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Citigroup,

Inc.

,

Series

BB

(

(US

5

Year

CMT

T-Note

+

2.905%)

)

$

47,000

7.200

%

08/15/73

(a)

$

49,115

Citigroup,

Inc.

,

Series

CC

(

(US

5

Year

CMT

T-Note

+

2.693%)

)

420,000

7.125

11/15/73

(a)

433,125

Citigroup,

Inc.

,

Series

DD

(

(10

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.757%)

)

729,000

7.000

11/15/73

(a)

768,184

Citigroup,

Inc.

,

Series

EE

(

(US

5

Year

CMT

T-Note

+

2.572%)

)

158,000

6.750

02/15/73

(a)(b)

158,592

Citigroup,

Inc.

,

Series

P

(

(TSFR3M

+

4.167%)

)

74,000

5.950

11/15/73

(a)

74,093

Citigroup,

Inc.

,

Series

T

(

(TSFR3M

+

4.779%)

)

10,000

6.250

02/15/73

(a)

10,137

Citigroup,

Inc.

,

Series

V

(

(SOFR

+

3.234%)

)

552,000

4.700

07/30/73

(a)

552,690

Citigroup,

Inc.

,

Series

W

(

(US

5

Year

CMT

T-Note

+

3.597%)

)

10,000

4.000

03/10/73

(a)

9,800

Citigroup,

Inc.

,

Series

X

(

(US

5

Year

CMT

T-Note

+

3.417%)

)

1,333,000

3.875

05/18/73

(a)

1,296,342

Citigroup,

Inc.

,

Series

Y

(

(US

5

Year

CMT

T-Note

+

3.000%)

)

100,000

4.150

02/15/73

(a)

96,250

Citigroup,

Inc.

,

Series

Z

(

(US

5

Year

CMT

T-Note

+

3.209%)

)

594,000

7.375

08/15/73

(a)

623,700

Citizens

Financial

Group,

Inc.

,

Series

B

(

(TSFR3M

+

3.265%)

)

100,000

7.854

01/07/73

(a)

100,250

Citizens

Financial

Group,

Inc.

,

Series

C

(

(TSFR3M

+

3.419%)

)

373,000

8.008

01/07/73

(a)

372,534

Citizens

Financial

Group,

Inc.

,

Series

F

(

(US

5

Year

CMT

T-Note

+

5.313%)

)

382,000

5.650

10/06/73

(a)

381,045

Discover

Financial

Services

,

Series

C

(

(TSFR3M

+

3.338%)

)

236,000

5.500

04/30/73

(a)

230,395

Discover

Financial

Services

,

Series

D

(

(US

5

Year

CMT

T-Note

+

5.783%)

)

557,000

6.125

03/23/73

(a)

559,089

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Fifth

Third

Bancorp

,

Series

H

(

(TSFR3M

+

3.295%)

)

$

246,000

7.898

%

12/31/72

(a)

$

246,000

Fifth

Third

Bancorp

,

Series

J

(

(TSFR3M

+

3.391%)

)

441,000

7.994

09/30/73

(a)

439,897

Fifth

Third

Bancorp

,

Series

L

(

(US

5

Year

CMT

T-Note

+

4.215%)

)

173,000

4.500

09/30/73

(a)

171,054

Huntington

Bancshares,

Inc.

,

Series

F

(

(10

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.945%)

)

367,000

5.625

10/15/73

(a)

365,624

Huntington

Bancshares,

Inc.

,

Series

G

(

(7

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.045%)

)

398,000

4.450

01/15/73

(a)

382,578

JPMorgan

Chase

&

Co.

,

Series

HH

(

(TSFR3M

+

3.125%)

)

439,000

4.600

08/01/73

(a)

438,451

JPMorgan

Chase

&

Co.

,

Series

KK

(

(US

5

Year

CMT

T-Note

+

2.850%)

)

904,000

3.650

09/01/73

(a)

880,270

JPMorgan

Chase

&

Co.

,

Series

NN

(

(US

5

Year

CMT

T-Note

+

2.737%)

)

1,500,000

6.875

06/01/73

(a)

1,588,125

KeyCorp

,

Series

D

(

(TSFR3M

+

3.868%)

)

217,000

5.000

12/15/73

(a)

211,575

M&T

Bank

Corp.

(

(US

5

Year

CMT

T-Note

+

2.679%)

)

774,000

3.500

03/01/73

(a)

723,690

M&T

Bank

Corp.

,

Series

F

(

(TSFR3M

+

3.782%)

)

46,000

5.125

05/01/73

(a)

45,770

M&T

Bank

Corp.

,

Series

G

(

(US

5

Year

CMT

T-Note

+

3.174%)

)

117,000

7.014

02/01/73

(a)

117,585

Morgan

Stanley

,

Series

M

443,000

5.875

03/15/73

(a)

443,554

Northern

Trust

Corp.

,

Series

D

(

(TSFR3M

+

3.464%)

)

601,000

4.600

04/01/73

(a)

594,990

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

R

(

(TSFR3M

+

3.302%)

)

173,000

8.317

12/01/73

(a)(c)

174,081

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

S

(

(TSFR3M

+

3.562%)

)

1,116,000

5.000

05/01/73

(a)

1,109,025

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

T

(

(US

5

Year

CMT

T-Note

+

2.595%)

)

$

285,000

3.400

%

12/15/73

(a)

$

268,256

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

U

(

(US

5

Year

CMT

T-Note

+

3.000%)

)

70,000

6.000

08/15/73

(a)

70,525

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

V

(

(US

5

Year

CMT

T-Note

+

3.238%)

)

166,000

6.200

12/15/73

(a)

169,112

PNC

Financial

Services

Group,

Inc.

(The)

,

Series

W

(

(7

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

2.808%)

)

866,000

6.250

06/15/73

(a)

878,892

State

Street

Corp.

,

Series

I

(

(US

5

Year

CMT

T-Note

+

2.613%)

)

707,000

6.700

06/15/73

(a)

728,210

State

Street

Corp.

,

Series

J

(

(US

5

Year

CMT

T-Note

+

2.628%)

)

534,000

6.700

12/15/73

(a)

549,353

Truist

Financial

Corp.

,

Series

M

(

(TSFR3M

+

3.048%)

)

16,000

5.125

06/15/73

(a)

15,580

Truist

Financial

Corp.

,

Series

N

(

(US

5

Year

CMT

T-Note

+

3.003%)

)

511,000

6.669

03/01/73

(a)

510,361

Truist

Financial

Corp.

,

Series

P

(

(US

5

Year

CMT

T-Note

+

4.605%)

)

57,000

4.950

12/01/73

(a)

56,644

Truist

Financial

Corp.

,

Series

Q

(

(10

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

4.349%)

)

445,000

5.100

03/01/73

(a)

431,094

U.S.

Bancorp

(

(US

5

Year

CMT

T-Note

+

2.541%)

)

1,192,000

3.700

01/15/73

(a)

1,132,698

U.S.

Bancorp

,

Series

J

(

(TSFR3M

+

3.176%)

)

282,000

5.300

04/15/73

(a)

280,943

USB

Capital

IX

(

(TSFR3M

+

1.282%)

)

405,000

5.938

10/16/73

(a)

353,362

Wells

Fargo

&

Co.

(

(US

5

Year

CMT

T-Note

+

2.767%)

)

640,000

6.850

09/15/73

(a)

664,800

(

(US

5

Year

CMT

T-Note

+

3.606%)

)

1,366,000

7.625

09/15/73

(a)

1,463,327

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Banks

–

(continued)

Wells

Fargo

&

Co.

,

Series

BB

(

(US

5

Year

CMT

T-Note

+

3.453%)

)

$

940,000

3.900

%

03/15/73

(a)

$

916,500

Wells

Fargo

&

Co.

,

Series

U

76,000

5.875

06/15/73

(a)

76,380

31,796,541

Building

Materials

–

0.3%

Stanley

Black

&

Decker,

Inc.

((US

5

Year

CMT

T-Note

+

2.657%))

340,000

4.000

03/15/60

(a)

335,872

Consumer

Cyclical

–

0.9%

General

Motors

Financial

Co.,

Inc.

,

Series

A

(

(3M

USD

LIBOR

+

3.598%)

)

61,000

5.750

03/30/73

(a)

59,704

General

Motors

Financial

Co.,

Inc.

,

Series

B

(

(3M

USD

LIBOR

+

3.436%)

)

874,000

6.500

03/30/73

(a)

883,832

943,536

Electric

–

10.5%

AES

Corp.

(The)

(

(US

5

Year

CMT

T-Note

+

3.201%)

)

622,000

7.600

01/15/55

(a)

646,370

American

Electric

Power

Co.,

Inc.

(

(US

5

Year

CMT

T-Note

+

2.675%)

)

263,000

6.950

12/15/54

(a)

276,330

(

(US

5

Year

CMT

T-Note

+

2.750%)

)

39,000

7.050

12/15/54

(a)

40,841

(

US

5

Year

CMT

T-Note

+

2.675%

)

462,000

3.875

02/15/62

(a)

436,301

CenterPoint

Energy,

Inc.

,

Series

A

(

(US

5

Year

CMT

T-Note

+

3.254%)

)

428,000

7.000

02/15/55

(a)

440,762

CenterPoint

Energy,

Inc.

,

Series

B

(

(US

5

Year

CMT

T-Note

+

2.946%)

)

263,000

6.850

02/15/55

(a)

272,366

CMS

Energy

Corp.

(

(US

5

Year

CMT

T-Note

+

4.116%)

)

706,000

4.750

06/01/50

(a)

671,465

Dominion

Energy,

Inc.

,

Series

A

(

US

5

Year

CMT

T-Note

+

2.386%

)

1,048,000

6.875

02/01/55

(a)

1,099,090

Dominion

Energy,

Inc.

,

Series

B

(

(US

5

Year

CMT

T-Note

+

2.511%)

)

190,000

7.000

06/01/54

(a)

201,506

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Dominion

Energy,

Inc.

,

Series

C

(

(US

5

Year

CMT

T-Note

+

3.195%)

)

$

300,000

4.350

%

04/15/73

(a)

$

289,660

Duke

Energy

Corp.

(

(US

5

Year

CMT

T-Note

+

2.321%)

)

10,000

3.250

01/15/82

(a)

9,325

Edison

International

(

US

5

Year

CMT

T-Note

+

3.864%

)

96,000

8.125

06/15/53

(a)

100,912

(

(US

5

Year

CMT

T-Note

+

3.658%)

)

16,000

7.875

06/15/54

(a)

16,839

Edison

International

,

Series

A

(

(US

5

Year

CMT

T-Note

+

4.698%)

)

829,000

5.375

09/15/73

(a)

824,337

Entergy

Corp.

(

(US

5

Year

CMT

T-Note

+

2.670%)

)

698,000

7.125

12/01/54

(a)

721,415

NextEra

Energy

Capital

Holdings,

Inc.

(

(US

5

Year

CMT

T-Note

+

2.457%)

)

752,000

6.750

06/15/54

(a)

782,772

(

(US

5

Year

CMT

T-Note

+

2.364%)

)

47,000

6.700

09/01/54

(a)

48,283

(

(TSFR3M

+

2.329%)

)

777,000

6.922

10/01/66

(a)

758,546

(

(3M

USD

LIBOR

+

3.156%)

)

18,000

5.650

05/01/79

(a)

17,865

(

(US

5

Year

CMT

T-Note

+

2.547%)

)

108,000

3.800

03/15/82

(a)

103,196

NiSource,

Inc.

(

(US

5

Year

CMT

T-Note

+

2.451%)

)

350,000

6.950

11/30/54

(a)

360,028

(

(US

5

Year

CMT

T-Note

+

2.527%)

)

210,000

6.375

03/31/55

(a)

211,914

PG&E

Corp.

(

(US

5

Year

CMT

T-Note

+

3.883%)

)

406,000

7.375

03/15/55

(a)

418,880

PPL

Capital

Funding,

Inc.

,

Series

A

(

(TSFR3M

+

2.927%)

)

376,000

7.530

03/30/67

(a)

377,244

Sempra

(

US

5

Year

CMT

T-Note

+

2.868%

)

77,000

4.125

04/01/52

(a)

73,463

(

(US

5

Year

CMT

T-Note

+

2.632%)

)

200,000

6.400

10/01/54

(a)

200,836

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

(

US

5

Year

CMT

T-Note

+

2.789%

)

$

500,000

6.875

%

10/01/54

(a)

$

512,164

(

(US

5

Year

CMT

T-Note

+

4.550%)

)

647,000

4.875

10/15/73

(a)

642,148

Southern

Co.

(The)

,

Series

B

(

US

5

Year

CMT

T-Note

+

3.733%

)

644,000

4.000

01/15/51

(a)

632,892

11,187,750

Energy

–

4.5%

BP

Capital

Markets

PLC

(

(US

5

Year

CMT

T-Note

+

4.398%)

)

844,000

4.875

12/22/72

(a)

821,845

(

(US

5

Year

CMT

T-Note

+

2.153%)

)

81,000

6.450

09/01/73

(a)

84,645

(

US

5

Year

CMT

T-Note

+

4.036%

)

945,000

4.375

09/22/73

(a)

946,181

Energy

Transfer

LP

(

(US

5

Year

CMT

T-Note

+

4.020%)

)

505,000

8.000

05/15/54

(a)

537,296

(

(US

5

Year

CMT

T-Note

+

2.829%)

)

480,000

7.125

10/01/54

(a)

487,800

(

(TSFR3M

+

3.279%)

)

206,000

7.850

11/01/66

(a)

205,784

Energy

Transfer

LP

,

Series

F

(

(US

5

Year

CMT

T-Note

+

5.134%)

)

143,000

6.750

05/15/73

(a)

142,667

Energy

Transfer

LP

,

Series

H

(

(US

5

Year

CMT

T-Note

+

5.694%)

)

788,000

6.500

11/15/73

(a)

786,599

Enterprise

Products

Operating

LLC

,

Series

E

(

3M

U.S.

T-Bill

MMY

+

3.295

)

737,000

5.250

08/16/77

(a)

725,123

4,737,940

Financial

Company

–

1.8%

Air

Lease

Corp.

,

Series

C

(

(US

5

Year

CMT

T-Note

+

3.149%)

)

26,000

4.125

12/15/73

(a)

24,635

Air

Lease

Corp.

,

Series

D

(

(US

5

Year

CMT

T-Note

+

2.560%)

)

271,000

6.000

12/15/73

(a)

270,661

Ally

Financial,

Inc.

,

Series

B

(

(US

5

Year

CMT

T-Note

+

3.868%)

)

686,000

4.700

08/15/73

(a)

649,985

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Financial

Company

–

(continued)

Ally

Financial,

Inc.

,

Series

C

(

(7

yr.

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

+

3.481%)

)

$

486,000

4.700

%

08/15/73

(a)

$

421,605

Apollo

Global

Management,

Inc.

(

(US

5

Year

CMT

T-Note

+

2.168%)

)

515,000

6.000

12/15/54

(a)

523,282

1,890,168

Insurance

–

6.0%

Allstate

Corp.

(The)

,

Series

B

(

(TSFR3M

+

3.200%)

)

450,000

7.723

08/15/53

(a)

450,009

American

International

Group,

Inc.

,

Series

A-9

(

3M

USD

LIBOR

+

2.868%

)

481,000

5.750

04/01/48

(a)

481,974

Athene

Holding

Ltd.

(

(US

5

Year

CMT

T-Note

+

2.607%)

)

194,000

6.625

10/15/54

(a)

195,408

Corebridge

Financial,

Inc.

(

US

5

Year

CMT

T-Note

+

3.846%

)

604,000

6.875

12/15/52

(a)

620,206

(

(US

5

Year

CMT

T-Note

+

2.646%)

)

378,000

6.375

09/15/54

(a)

381,884

Equitable

Holdings,

Inc.

,

Series

B

(

(US

5

Year

CMT

T-Note

+

4.736%)

)

481,000

4.950

12/15/73

(a)

477,392

Lincoln

National

Corp.

,

Series

C

(

(US

5

Year

CMT

T-Note

+

5.318%)

)

415,000

9.250

03/01/73

(a)

454,425

Markel

Group,

Inc.

(

(US

5

Year

CMT

T-Note

+

5.662%)

)

46,000

6.000

12/01/73

(a)

46,230

MetLife,

Inc.

416,000

6.400

12/15/36

433,996

MetLife,

Inc.

,

Series

G

(

(US

5

Year

CMT

T-Note

+

3.576%)

)

235,000

3.850

03/15/73

(a)

230,887

Prudential

Financial,

Inc.

(

(3M

USD

LIBOR

+

3.031%)

)

74,000

5.375

05/15/45

(a)

73,664

(

3M

USD

LIBOR

+

2.665%

)

1,035,000

5.700

09/15/48

(a)

1,042,762

(

US

5

Year

CMT

T-Note

+

3.035%

)

30,000

3.700

10/01/50

(a)

27,277

(

(US

5

Year

CMT

T-Note

+

3.162%)

)

797,000

5.125

03/01/52

(a)

769,308

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Insurance

–

(continued)

(

(US

5

Year

CMT

T-Note

+

2.848%)

)

$

63,000

6.750

%

03/01/53

(a)

$

67,130

(

(US

5

Year

CMT

T-Note

+

2.404%)

)

491,000

6.500

03/15/54

(a)

510,726

Reinsurance

Group

of

America,

Inc.

(

(TSFR3M

+

2.927%)

)

15,000

7.873

12/15/65

(a)

14,854

Voya

Financial,

Inc.

,

Series

A

(

(US

5

Year

CMT

T-Note

+

3.358%)

)

109,000

7.758

03/15/73

(a)

115,881

6,394,013

Media

Non

Cable

–

0.3%

Paramount

Global

(

(3M

USD

LIBOR

+

3.899%)

)

80,000

6.250

02/28/57

(a)

75,965

(

(US

5

Year

CMT

T-Note

+

3.999%)

)

230,000

6.375

03/30/62

(a)

223,238

299,203

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$56,488,363)

57,585,023

a

Foreign

Corporate

Debt

–

8.6%

Banks

–

1.8%

Bank

of

Montreal

(

Canada

)

(

(US

5

Year

CMT

T-Note

+

2.979%)

)

590,000

6.699

02/25/73

(a)

587,583

Bank

of

Nova

Scotia

(The)

(

Canada

)

(

(TSFR3M

+

2.910%)

)

592,000

7.566

04/12/73

(a)

588,300

(

(US

5

Year

CMT

T-Note

+

4.551%)

)

735,000

4.900

09/04/73

(a)

730,406

1,906,289

Electric

–

1.0%

Algonquin

Power

&

Utilities

Corp.

(

Canada

)

(

(US

5

Year

CMT

T-Note

+

3.249%)

)

425,000

4.750

01/18/82

(a)

400,563

Emera

,

Inc.

,

Series

2016-A

(

Canada

)

(

(3M

USD

LIBOR

+

5.440%)

)

623,000

6.750

06/15/76

(a)

629,230

1,029,793

Energy

–

3.1%

Enbridge,

Inc.

(

Canada

)

(

(US

5

Year

CMT

T-Note

+

2.970%)

)

47,000

7.200

06/27/54

(a)

49,174

(

(TSFR3M

+

3.680%)

)

1,438,000

5.500

07/15/77

(a)

1,394,860

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Energy

–

(continued)

(

3M

U.S.

T-Bill

MMY

+

3.903%

)

$

177,000

6.250

%

03/01/78

(a)

$

174,787

(

(US

5

Year

CMT

T-Note

+

3.708%)

)

497,000

7.375

01/15/83

(a)

506,643

(

(US

5

Year

CMT

T-Note

+

4.418%)

)

192,000

7.625

01/15/83

(a)

204,480

Enbridge,

Inc.

,

Series

2016-A

(

Canada

)

(

(TSFR3M

+

4.152%)

)

87,000

6.000

01/15/77

(a)

86,347

Enbridge,

Inc.

,

Series

2020-A

(

Canada

)

(

(US

5

Year

CMT

T-Note

+

5.314%)

)

42,000

5.750

07/15/80

(a)

40,846

Enbridge,

Inc.

,

Series

NC5

(

Canada

)

(

(US

5

Year

CMT

T-Note

+

3.785%)

)

367,000

8.250

01/15/84

(a)

388,833

TransCanada

PipeLines

Ltd.

(

Canada

)

(

(TSFR3M

+

2.472%)

)

500,000

6.995

05/15/67

(a)

467,500

3,313,470

Financial

Company

–

0.8%

AerCap

Global

Aviation

Trust

(

Ireland

)

(

(TSFR3M

+

4.562%)

)

544,000

6.500

06/15/45

(a)(d)

544,680

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

(

US

5

Year

CMT

T-Note

+

2.720%

)

300,000

6.950

03/10/55

(a)

310,932

855,612

Insurance

–

0.3%

AXA

SA

(

France

)

247,000

8.600

12/15/30

294,998

Wireless

–

1.6%

Vodafone

Group

PLC

(

United

Kingdom

)

(

(5

Year

USD

Swap

+

4.873%)

)

1,168,000

7.000

04/04/79

(a)

1,219,100

(

(US

5

Year

CMT

T-Note

+

2.447%)

)

32,000

3.250

06/04/81

(a)

30,949

(

(US

5

Year

CMT

T-Note

+

2.767%)

)

31,000

4.125

06/04/81

(a)

27,900

(

(US

5

Year

CMT

T-Note

+

3.073%)

)

560,000

5.125

06/04/81

(a)

437,639

1,715,588

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$8,990,935)

9,115,750

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

35.8%

Communications

–

3.0%

27,440

AT&T,

Inc.,

Series

C

4.75

%

$

553,465

18,840

AT&T,

Inc.,

Series

A

5.00

403,741

33,791

AT&T,

Inc.

5.35

817,458

26,249

Qwest

Corp.

6.50

465,960

10,771

Telephone

and

Data

Systems,

Inc.,

Series

VV

6.00

205,080

6,597

Telephone

and

Data

Systems,

Inc.,

Series

UU

6.63

142,297

23,838

U.S.

Cellular

Corp.

5.50

547,718

3,135,719

Consumer,

Cyclical

–

1.4%

8,516

Brunswick

Corp.

6.38

212,381

3,153

Dillard's

Capital

Trust

I

7.50

82,451

33,486

Ford

Motor

Co.

6.00

804,547

10,529

QVC,

Inc.

6.25

131,794

8,520

WESCO

International,

Inc.,

Series

A

10.63

222,116

1,453,289

Consumer,

Non-cyclical

–

0.2%

2,743

Triton

International

Ltd.,

Series

E

5.75

61,169

4,707

Triton

International

Ltd.

7.38

119,774

180,943

Financial

–

27.8%

14,662

AEGON

Funding

Co.

LLC

5.10

319,485

14,949

Affiliated

Managers

Group,

Inc.

4.75

349,681

2,743

Agree

Realty

Corp.,

Series

A

4.25

53,763

4,748

Allstate

Corp.

(The),

Series

I

4.75

100,563

18,149

Allstate

Corp.

(The),

Series

H

5.10

413,434

9,422

Allstate

Corp.

(The),

Series

J

7.38

256,938

7,532

American

Financial

Group,

Inc.

5.13

177,543

1,841

American

Homes

4

Rent,

Series

G

5.88

43,392

2,046

American

Homes

4

Rent,

Series

H

6.25

50,864

4,748

American

National

Group,

Inc.,

Series

B

6.63

122,308

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

6,310

American

National

Group,

Inc.,

Series

A

8.37

%

$

160,211

8,232

Apollo

Global

Management,

Inc.

7.63

223,828

7,864

Arch

Capital

Group

Ltd.,

Series

G

4.55

156,808

5,199

Arch

Capital

Group

Ltd.,

Series

F

5.45

119,629

2,374

Argo

Group

International

Holdings,

Inc.

7.00

59,041

3,932

Aspen

Insurance

Holdings

Ltd.

5.63

86,819

3,891

Aspen

Insurance

Holdings

Ltd.,

Series

**

5.63

83,929

1,595

Associated

Banc-

Corp.,

Series

E

5.88

35,776

4,338

Associated

Banc-Corp.

6.63

108,407

3,932

Assurant,

Inc.

5.25

86,307

9,012

Athene

Holding

Ltd.,

Series

D

4.88

177,897

5,445

Athene

Holding

Ltd.,

Series

B

5.63

122,458

13,637

Athene

Holding

Ltd.,

Series

A

6.35

350,471

9,463

Athene

Holding

Ltd.,

Series

C

6.38

239,414

7,003

Athene

Holding

Ltd.

7.25

181,028

7,864

Athene

Holding

Ltd.,

Series

E

7.75

215,002

8,643

Axis

Capital

Holdings

Ltd.,

Series

E

5.50

199,308

10,156

Bank

of

America

Corp.,

Series

PP

4.13

187,175

14,560

Bank

of

America

Corp.,

Series

QQ

4.25

272,418

11,960

Bank

of

America

Corp.,

Series

NN

4.38

232,861

7,688

Bank

of

America

Corp.,

Series

SS

4.75

164,523

14,416

Bank

of

America

Corp.,

Series

LL

5.00

315,134

3,473

Bank

of

America

Corp.,

Series

E

5.14

85,366

4,498

Bank

of

America

Corp.,

Series

5

5.28

109,751

15,277

Bank

of

America

Corp.,

Series

KK

5.38

357,176

3,317

Bank

of

America

Corp.,

Series

02

5.43

76,490

2,333

Bank

of

America

Corp.,

Series

4

5.53

56,225

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

9,463

Bank

of

America

Corp.,

Series

HH

5.88

%

$

238,373

2,866

Bank

of

Hawaii

Corp.,

Series

A

4.38

48,665

1,600

Bank

of

Hawaii

Corp.

8.00

42,560

5,445

Brighthouse

Financial,

Inc.,

Series

D

4.63

96,377

8,971

Brighthouse

Financial,

Inc.,

Series

C

5.38

179,330

5,937

Brighthouse

Financial,

Inc.

6.25

145,160

6,638

Brighthouse

Financial,

Inc.,

Series

A

6.60

158,515

5,527

Brighthouse

Financial,

Inc.,

Series

B

6.75

138,341

3,153

Brookfield

Finance

I

UK

PLC

4.50

53,885

6,351

Brookfield

Finance,

Inc.,

Series

50

4.63

119,907

3,686

Brookfield

Oaktree

Holdings

LLC,

Series

B

6.55

83,267

2,866

Brookfield

Oaktree

Holdings

LLC,

Series

A

6.63

64,915

3,891

Brookfield

Property

Partners

LP,

Series

A

5.75

56,731

2,866

Brookfield

Property

Partners

LP,

Series

A-1

6.50

49,181

2,780

Cadence

Bank,

Series

A

5.50

58,519

6,679

Capital

One

Financial

Corp.,

Series

N

4.25

121,691

10,607

Capital

One

Financial

Corp.,

Series

L

4.38

200,578

1,964

Capital

One

Financial

Corp.,

Series

K

4.63

38,396

19,662

Capital

One

Financial

Corp.,

Series

J

4.80

392,454

23,430

Capital

One

Financial

Corp.,

Series

I

5.00

491,796

7,930

Carlyle

Finance

LLC

4.63

155,428

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

9,381

Charles

Schwab

Corp.

(The),

Series

J

4.45

%

$

199,346

11,837

Charles

Schwab

Corp.

(The),

Series

D

5.95

301,252

7,007

Citizens

Financial

Group,

Inc.,

Series

E

5.00

149,880

6,640

Citizens

Financial

Group,

Inc.

7.38

181,139

2,374

Cullen/Frost

Bankers,

Inc.,

Series

B

4.45

46,056

5,445

Digital

Realty

Trust,

Inc.,

Series

L

5.20

122,404

3,153

Digital

Realty

Trust,

Inc.,

Series

J

5.25

73,780

3,276

Digital

Realty

Trust,

Inc.,

Series

K

5.85

81,703

2,415

EPR

Properties,

Series

G

5.75

53,734

4,707

Equitable

Holdings,

Inc.,

Series

C

4.30

91,645

12,616

Equitable

Holdings,

Inc.,

Series

A

5.25

289,537

3,891

Fifth

Third

Bancorp,

Series

K

4.95

92,411

3,153

Fifth

Third

Bancorp,

Series

A

6.00

79,613

5,445

First

Citizens

BancShares

,

Inc.,

Series

A

5.38

130,136

2,333

First

Horizon

Corp.,

Series

F

4.70

44,187

2,333

First

Horizon

Corp.,

Series

E

6.50

55,759

3,153

Fulton

Financial

Corp.,

Series

A

5.13

66,213

2,661

Global

Net

Lease,

Inc.,

Series

A

7.25

61,735

5,199

Globe

Life,

Inc.

4.25

90,047

2,661

Hancock

Whitney

Corp.

6.25

67,403

5,519

Hartford

Financial

Services

Group,

Inc.

(The),

Series

G

6.00

140,238

6,356

Hudson

Pacific

Properties,

Inc.,

Series

C

4.75

90,446

7,823

Huntington

Bancshares,

Inc.,

Series

H

4.50

153,096

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

2,784

Huntington

Bancshares,

Inc.,

Series

C

5.70

%

$

66,816

5,117

Huntington

Bancshares,

Inc.,

Series

J

6.88

135,447

7,809

Jackson

Financial,

Inc.

8.00

214,513

20,054

JPMorgan

Chase

&

Co.,

Series

MM

4.20

391,254

17,299

JPMorgan

Chase

&

Co.,

Series

JJ

4.55

360,165

18,555

JPMorgan

Chase

&

Co.,

Series

LL

4.63

395,964

10,386

JPMorgan

Chase

&

Co.,

Series

GG

4.75

229,323

17,153

JPMorgan

Chase

&

Co.,

Series

DD

5.75

429,854

9,958

JPMorgan

Chase

&

Co.,

Series

EE

6.00

251,539

2,415

Kemper

Corp.

5.88

57,380

7,089

KeyCorp,

Series

G

5.63

172,759

6,720

KeyCorp,

Series

F

5.65

161,549

7,864

KeyCorp,

Series

E

6.13

201,790

9,422

KeyCorp

6.20

240,261

3,481

Kimco

Realty

Corp.,

Series

L

5.13

78,810

4,096

Kimco

Realty

Corp.,

Series

M

5.25

92,488

7,905

KKR

Group

Finance

Co.

IX

LLC

4.63

156,677

7,905

Lincoln

National

Corp.,

Series

D

9.00

223,712

3,891

M&T

Bank

Corp.,

Series

H

5.63

99,687

11,961

M&T

Bank

Corp.,

Series

J

7.50

328,808

2,046

Merchants

Bancorp

8.25

53,257

2,005

Merchants

Bancorp,

Series

B

9.42

51,027

15,687

MetLife,

Inc.,

Series

F

4.75

330,054

9,422

MetLife,

Inc.,

Series

A

5.62

233,666

12,616

MetLife,

Inc.,

Series

E

5.63

305,938

20,441

Morgan

Stanley,

Series

O

4.25

393,080

7,864

Morgan

Stanley,

Series

L

4.88

179,535

17,241

Morgan

Stanley,

Series

A

5.62

413,612

15,765

Morgan

Stanley,

Series

K

5.85

393,021

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

15,765

Morgan

Stanley,

Series

I

6.38

%

$

399,643

15,687

Morgan

Stanley,

Series

P

6.50

409,274

10,979

Morgan

Stanley,

Series

Q

6.63

291,053

13,432

Morgan

Stanley,

Series

F

6.88

340,098

4,707

Navient

Corp.

6.00

97,058

6,269

Northern

Trust

Corp.,

Series

E

4.70

137,354

21,608

Prudential

Financial,

Inc.

4.13

502,320

4,461

Public

Storage,

Series

N

3.88

77,175

2,702

Public

Storage,

Series

O

3.90

47,825

2,538

Public

Storage,

Series

Q

3.95

45,049

6,802

Public

Storage,

Series

R

4.00

122,708

10,730

Public

Storage,

Series

P

4.00

191,745

3,891

Public

Storage,

Series

S

4.10

72,450

4,055

Public

Storage,

Series

M

4.13

76,234

8,848

Public

Storage,

Series

L

4.63

182,446

4,055

Public

Storage,

Series

J

4.70

85,561

3,604

Public

Storage,

Series

K

4.75

77,666

4,953

Public

Storage,

Series

I

4.88

109,313

4,748

Public

Storage,

Series

G

5.05

109,679

4,379

Public

Storage,

Series

F

5.15

101,374

4,502

Public

Storage,

Series

H

5.60

111,244

6,269

Regions

Financial

Corp.,

Series

E

4.45

125,255

7,971

Regions

Financial

Corp.,

Series

C

5.70

200,710

4,963

Regions

Financial

Corp.

6.95

131,023

17,327

Reinsurance

Group

of

America,

Inc.

5.75

453,059

7,864

RenaissanceRe

Holdings

Ltd.,

Series

G

4.20

144,698

11,796

RenaissanceRe

Holdings

Ltd.,

Series

F

5.75

288,176

2,948

SiriusPoint

Ltd.,

Series

B

8.00

75,823

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

3,604

SL

Green

Realty

Corp.,

Series

I

6.50

%

$

87,721

4,748

Stifel

Financial

Corp.,

Series

D

4.50

96,100

3,522

Stifel

Financial

Corp.

5.20

78,400

3,153

Stifel

Financial

Corp.,

Series

C

6.13

79,992

2,538

Stifel

Financial

Corp.,

Series

B

6.25

64,414

11,936

Synchrony

Financial,

Series

A

5.63

249,820

8,049

Synchrony

Financial,

Series

B

8.25

213,299

5,527

Synovus

Financial

Corp.,

Series

E

8.40

148,068

4,748

Texas

Capital

Bancshares,

Inc.,

Series

B

5.75

102,177

14,539

Truist

Financial

Corp.,

Series

R

4.75

306,046

2,702

Truist

Financial

Corp.,

Series

I

5.14

65,361

9,012

Truist

Financial

Corp.,

Series

O

5.25

209,078

7,864

U.S.

Bancorp,

Series

L

3.75

139,193

11,796

U.S.

Bancorp,

Series

M

4.00

219,759

7,007

U.S.

Bancorp,

Series

O

4.50

150,721

9,012

U.S.

Bancorp,

Series

K

5.50

226,381

15,765

U.S.

Bancorp,

Series

B*

5.52

363,856

4,748

Unum

Group

6.25

120,077

1,841

Valley

National

Bancorp,

Series

A

6.25

46,356

1,595

Valley

National

Bancorp,

Series

B

8.43

40,050

4,666

Vornado

Realty

Trust,

Series

O

4.45

74,189

4,748

Vornado

Realty

Trust,

Series

N

5.25

85,701

4,994

Vornado

Realty

Trust,

Series

M

5.25

90,042

4,748

Vornado

Realty

Trust,

Series

L

5.40

86,461

4,748

Voya

Financial,

Inc.,

Series

B

5.35

120,077

9,496

W

R

Berkley

Corp.

4.13

199,463

4,748

WaFd

,

Inc.,

Series

A

4.88

85,606

2,374

Webster

Financial

Corp.,

Series

F

5.25

49,697

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Financial

–

(continued)

19,621

Wells

Fargo

&

Co.,

Series

DD

4.25

%

$

371,818

15,765

Wells

Fargo

&

Co.,

Series

CC

4.38

303,003

18,354

Wells

Fargo

&

Co.,

Series

AA

4.70

371,301

24,549

Wells

Fargo

&

Co.,

Series

Z

4.75

499,327

10,853

Wells

Fargo

&

Co.,

Series

Y

5.63

267,744

4,707

Western

Alliance

Bancorp,

Series

A

4.25

103,319

1,964

Wintrust

Financial

Corp.,

Series

D

6.50

49,787

3,932

Wintrust

Financial

Corp.,

Series

E

6.88

99,480

29,459,135

Technology

–

0.1%

6,761

Pitney

Bowes,

Inc.

6.70

%

135,287

Utilities

–

3.3%

11,956

Brookfield

BRP

Holdings

Canada,

Inc.

4.63

223,401

6,306

Brookfield

Infrastructure

Finance

ULC

5.00

134,321

3,153

Brookfield

Infrastructure

Partners

LP,

Series

14

5.00

60,506

17,446

CMS

Energy

Corp.

5.63

427,025

3,153

DTE

Energy

Co.,

Series

G

4.38

61,799

4,502

DTE

Energy

Co.

4.38

87,339

6,269

DTE

Energy

Co.,

Series

E

5.25

144,062

15,765

Duke

Energy

Corp.,

Series

A

5.75

391,918

6,474

Entergy

Arkansas

LLC

4.88

142,687

4,096

Entergy

Mississippi

LLC

4.90

90,194

1,759

Entergy

New

Orleans

LLC

5.50

40,914

4,260

Georgia

Power

Co.,

Series

2017

5.00

97,682

3,965

National

Rural

Utilities

Cooperative

Finance

Corp.,

Series

US

5.50

98,134

9,504

NextEra

Energy

Capital

Holdings,

Inc.,

Series

N

5.65

231,612

3,481

SCE

Trust

II

5.10

73,101

GOLDMAN

SACHS

ACCESS

U.S.

PREFERRED

STOCK

AND

HYBRID

SECURITIES

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

Shares

Description

Dividend

Rate

Value

aa

Preferred

Stocks

–

(continued)

Utilities

–

(continued)

5,117

SCE

Trust

IV,

Series

J

5.38

%

$

127,055

11,099

Sempra

5.75

266,820

11,796

Southern

Co.

(The),

Series

C

4.20

233,089

15,646

Southern

Co.

(The),

Series

2020

4.95

342,178

7,130

Southern

Co.

(The)

5.25

165,273

3,932

Spire,

Inc.,

Series

A

5.90

96,806

3,535,916

TOTAL

PREFERRED

STOCKS

(Cost

$37,074,454)

37,900,289

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.4%

(e)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

388,218

4.541%

388,218

(Cost

$388,218)

TOTAL

INVESTMENTS

–

99.1%

(Cost

$102,941,970)

$

104,989,280

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.9%

992,952

NET

ASSETS

–

100.0%

$

105,982,232

  a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

(a)

Variable

or

floating

rate

security.

Except

for

floating

rate

notes

(for

which

final

maturity

is

disclosed),

maturity

date

disclosed

is

the

next

interest

reset

date.

Interest

rate

disclosed

is

that

which

is

in

effect

on

November

30,

2024.

(b)

When-issued

security.

(c)

Zero

coupon

bond

until

next

reset

date.

(d)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(e)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

CMT

—

Constant

Maturity

Treasury

Index

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

T-Bill

—

Treasury

Bill

TSFR

—

Term

Secured

Overnight

Financing

Rate

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-Backed

Securities

–

24.4%

Ally

Auto

Receivables

Trust

,

Series

2022-1,

Class

A3

$

1,213,466

3.310

%

11/15/26

$

1,206,795

American

Express

Credit

Account

Master

Trust

,

Series

2022-3,

Class

A

2,450,000

3.750

08/15/27

2,436,188

American

Express

Credit

Account

Master

Trust

,

Series

2023-1,

Class

A

2,100,000

4.870

05/15/28

2,109,726

BA

Credit

Card

Trust

,

Series

2022-A1,

Class

A1

3,075,000

3.530

11/15/27

3,057,167

BA

Credit

Card

Trust

,

Series

2022-A2,

Class

A2

2,100,000

5.000

04/15/28

2,109,820

Barclays

Dryrock

Issuance

Trust

,

Series

2022-1,

Class

A

4,500,000

3.070

02/15/28

4,473,300

BSPDF

Issuer

Ltd.

,

Series

2021-FL1,

Class

A

(

1M

U.S.

T-Bill

MMY

+

1.314%

)

293,836

5.712

10/15/36

(a)(b)

291,842

Chase

Auto

Owner

Trust

,

Series

2024-2A,

Class

A2

1,484,121

5.660

05/26/27

(b)

1,490,142

Chase

Auto

Owner

Trust

,

Series

2024-5A,

Class

A3

2,000,000

4.180

08/27/29

(b)

1,984,979

City

of

San

Antonio

TX

1,730,000

5.635

02/01/26

1,731,901

Discover

Card

Execution

Note

Trust

,

Series

2022-A2,

Class

A

4,500,000

3.320

05/15/27

4,472,541

Drive

Auto

Receivables

Trust

,

Series

2024-2,

Class

A2

1,400,000

4.940

12/15/27

1,401,639

Exeter

Automobile

Receivables

Trust

,

Series

2024-5A,

Class

A2

2,325,000

4.790

04/15/27

2,324,737

Exeter

Automobile

Receivables

Trust

,

Series

2024-5A,

Class

A3

1,825,000

4.450

03/15/28

1,818,966

Ford

Credit

Auto

Lease

Trust

,

Series

2024-B,

Class

A3

2,000,000

4.990

12/15/27

2,011,841

Ford

Credit

Auto

Owner

Trust

,

Series

2020-2,

Class

A

1,625,000

1.060

04/15/33

(b)

1,574,239

Ford

Credit

Auto

Owner

Trust

,

Series

2022-A,

Class

A3

711,236

1.290

06/15/26

705,040

Ford

Credit

Auto

Owner

Trust

,

Series

2024-C,

Class

A3

2,025,000

4.070

07/15/29

2,006,963

GM

Financial

Automobile

Leasing

Trust

,

Series

2023-2,

Class

A3

5,178,940

5.050

07/20/26

5,186,141

GM

Financial

Automobile

Leasing

Trust

,

Series

2023-3,

Class

A3

3,500,000

5.380

11/20/26

3,515,834

GM

Financial

Automobile

Leasing

Trust

,

Series

2024-3,

Class

A3

2,700,000

4.210

10/20/27

2,687,134

GM

Financial

Consumer

Automobile

Receivables

Trust

,

Series

2022-1,

Class

A3

1,407,789

1.260

11/16/26

1,392,952

GMF

Floorplan

Owner

Revolving

Trust

,

Series

2023-1,

Class

A1

1,500,000

5.340

06/15/28

(b)

1,517,147

Honda

Auto

Receivables

2021-3

Owner

Trust

,

Series

2021-3,

Class

A3

70,861

0.410

11/18/25

70,589

Honda

Auto

Receivables

2021-4

Owner

Trust

,

Series

2021-4,

Class

A3

484,134

0.880

01/21/26

479,469

Honda

Auto

Receivables

2023-2

Owner

Trust

,

Series

2023-2,

Class

A2

584,576

5.410

04/15/26

585,452

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-Backed

Securities

–

(continued)

Honda

Auto

Receivables

2023-4

Owner

Trust

,

Series

2023-4,

Class

A2

$

1,681,695

5.870

%

06/22/26

$

1,688,395

Hyundai

Auto

Lease

Securitization

Trust

,

Series

2024-B,

Class

A3

2,400,000

5.410

05/17/27

(b)

2,428,053

Hyundai

Auto

Receivables

Trust

,

Series

2021-C,

Class

A3

284,884

0.740

05/15/26

283,272

Hyundai

Auto

Receivables

Trust

,

Series

2022-C,

Class

A3

3,053,591

5.390

06/15/27

3,068,541

Hyundai

Auto

Receivables

Trust

,

Series

2023-A,

Class

A3

3,175,000

4.580

04/15/27

3,173,552

Hyundai

Auto

Receivables

Trust

,

Series

2023-C,

Class

A2A

1,760,519

5.800

01/15/27

1,768,175

Hyundai

Auto

Receivables

Trust

,

Series

2024-B,

Class

A3

1,925,000

4.840

03/15/29

1,938,149

Mercedes-Benz

Auto

Lease

Trust

,

Series

2024-B,

Class

A2A

1,725,000

4.570

12/15/26

1,723,516

Nelnet

Student

Loan

Trust

,

Series

2016-1A,

Class

A

(

SOFR

+

0.914%

)

206,512

5.649

09/25/65

(a)(b)

206,253

New

Jersey

Transportation

Trust

Fund

Authority

,

Series

BB

2,890,000

5.093

06/15/25

2,894,003

Nissan

Auto

Lease

Trust

,

Series

2023-A,

Class

A3

1,679,491

4.910

01/15/26

1,680,083

Rhode

Island

Student

Loan

Authority

,

Series

2012-1,

Class

A1

(

SOFR

+

1.014%

)

307,933

5.869

07/01/31

(a)

307,670

Rhode

Island

Student

Loan

Authority

,

Series

2014-1,

Class

A1

(

SOFR

+

0.814%

)

5,986

5.669

10/02/28

(a)

5,971

Santander

Drive

Auto

Receivables

Trust

,

Series

2024-5,

Class

A2

3,225,000

4.880

09/15/27

3,227,744

Toyota

Auto

Receivables

Owner

Trust

,

Series

2021-D,

Class

A3

476,482

0.710

04/15/26

472,101

Toyota

Auto

Receivables

Owner

Trust

,

Series

2022-D,

Class

A3

1,809,511

5.300

09/15/27

1,818,873

Toyota

Auto

Receivables

Owner

Trust

,

Series

2024-C,

Class

A3

2,100,000

4.880

03/15/29

2,119,228

Toyota

Lease

Owner

Trust

,

Series

2024-A,

Class

A3

3,000,000

5.250

04/20/27

(b)

3,018,803

Toyota

Lease

Owner

Trust

,

Series

2024-B,

Class

A3

3,250,000

4.210

09/20/27

(b)

3,231,489

Volkswagen

Auto

Loan

Enhanced

Trust

,

Series

2024-1,

Class

A2A

3,125,000

4.650

11/22/27

3,127,735

World

Omni

Automobile

Lease

Securitization

Trust

,

Series

2023-

A,

Class

A2A

109,067

5.470

11/17/25

109,147

90,933,297

1988

CLO

3

Ltd.

,

Series

2023-3A,

Class

A1

(

3M

U.S.

T-Bill

MMY

+

2.000%

)

6,500,000

6.656

10/15/38

(a)(b)

6,557,629

AGL

CLO

5

Ltd.

,

Series

2020-5A,

Class

A1RR

(

3M

U.S.

T-Bill

MMY

+

0.938%

)

4,000,000

5.817

07/20/34

(a)(b)

4,012,380

Bain

Capital

Credit

CLO

,

Series

2018-2A,

Class

A1R

(

3M

U.S.

T-Bill

MMY

+

1.080%

)

829,887

5.697

07/19/31

(a)(b)

830,388

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-Backed

Securities

–

(continued)

BlueMountain

CLO

Ltd.

,

Series

2013-2A,

Class

A1R

(

3M

U.S.

T-Bill

MMY

+

1.442%

)

$

188,870

6.073

%

10/22/30

(a)(b)

$

188,962

Bryant

Park

Funding

Ltd.

,

Series

2023-21A,

Class

A1

(

3M

U.S.

T-Bill

MMY

+

2.050%

)

4,200,000

6.682

10/18/36

(a)(b)

4,244,423

CarVal

CLO

II

Ltd.

,

Series

2019-1A,

Class

AR2

(

3M

U.S.

T-Bill

MMY

+

1.020%

)

2,500,000

5.376

04/20/32

(a)(b)(c)

2,500,000

Cedar

Funding

Ltd.

,

Series

2018-7A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.080%

)

628,942

5.697

01/20/31

(a)(b)

629,590

CIFC

Falcon

2020

Ltd.

,

Series

2019-FAL,

Class

A

(

3M

U.S.

T-Bill

MMY

+

1.262%

)

3,800,000

5.879

01/20/33

(a)(b)

3,801,440

CIFC

Funding

Ltd.

,

Series

2017-2A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.212%

)

292,721

5.829

04/20/30

(a)(b)

293,227

Dryden

XXVI

Senior

Loan

Fund

,

Series

2013-26A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.162%

)

138,048

5.818

04/15/29

(a)(b)

138,217

Flatiron

CLO

19

Ltd.

,

Series

2019-1A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.342%

)

1,000,000

5.827

11/16/34

(a)(b)

1,002,673

Jamestown

CLO

XV

Ltd.

,

Series

2020-15A,

Class

A1R

(

3M

U.S.

T-Bill

MMY

+

1.370%

)

4,400,000

6.026

07/15/35

(a)(b)

4,404,506

LCM

XV

LP

,

Series

2021-15A,

Class

AR2

(

3M

U.S.

T-Bill

MMY

+

1.262%

)

316,727

5.879

07/20/30

(a)(b)

316,862

Marathon

CLO

XIII

Ltd.

,

Series

2019-1A,

Class

AAR2

(

3M

U.S.

T-Bill

MMY

+

1.200%

)

2,195,725

5.856

04/15/32

(a)(b)

2,196,735

Mountain

View

CLO

XVI

Ltd.

,

Series

2022-1A,

Class

A1R

(

3M

U.S.

T-Bill

MMY

+

1.460%

)

2,325,000

6.116

04/15/34

(a)(b)

2,330,120

Neuberger

Berman

Loan

Advisers

CLO

50

Ltd.

,

Series

2022-50A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.250%

)

3,075,000

5.876

07/23/36

(a)(b)

3,080,676

SOUND

POINT

CLO

XXII

Ltd.

,

Series

2019-1A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.342%

)

463,726

5.959

01/20/32

(a)(b)

463,726

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Asset-Backed

Securities

–

(continued)

TCW

CLO

Ltd.

,

Series

2019-2A,

Class

A1R

(

3M

U.S.

T-Bill

MMY

+

1.280%

)

$

3,500,000

5.897

%

10/20/32

(a)(b)

$

3,504,869

TCW

CLO

Ltd.

,

Series

2022-1A,

Class

A1

(

3M

U.S.

T-Bill

MMY

+

1.340%

)

3,500,000

5.972

04/22/33

(a)(b)

3,503,528

Trinitas

CLO

VI

Ltd.

,

Series

2017-6A,

Class

ARRR

(

3M

U.S.

T-Bill

MMY

+

1.330%

)

5,900,000

5.956

01/25/34

(a)(b)

5,921,812

Trysail

CLO

Ltd.

,

Series

2021-1A,

Class

A1

(

3M

U.S.

T-Bill

MMY

+

1.300%

)

2,692,378

5.917

07/20/32

(a)(b)

2,695,181

Venture

34

CLO

Ltd.

,

Series

2018-34A,

Class

AR

(

3M

U.S.

T-Bill

MMY

+

1.280%

)

2,938,797

5.936

10/15/31

(a)(b)

2,943,135

Zais

CLO

13

Ltd.

,

Series

2019-13A,

Class

A1AR

(

3M

U.S.

T-Bill

MMY

+

1.300%

)

1,446,440

5.956

07/15/32

(a)(b)

1,446,951

57,007,030

American

Express

Credit

Account

Master

Trust

,

Series

2022-2,

Class

A

6,000,000

3.390

05/15/27

5,967,982

Bank

of

America

Auto

Trust

,

Series

2023-2A,

Class

A2

703,250

5.850

08/17/26

(b)

705,347

Barclays

Dryrock

Issuance

Trust

,

Series

2023-2,

Class

A

(

SOFR

+

0.900%

)

2,050,000

5.498

08/15/28

(a)

2,058,645

Capital

One

Multi-Asset

Execution

Trust

,

Series

2022-A2,

Class

A

8,975,000

3.490

05/15/27

8,926,185

Capital

One

Multi-Asset

Execution

Trust

,

Series

2022-A3,

Class

A

3,000,000

4.950

10/15/27

3,010,906

Citibank

Credit

Card

Issuance

Trust

,

Series

2023-A1,

Class

A1

1,300,000

5.230

12/08/27

1,308,260

Discover

Card

Execution

Note

Trust

,

Series

2023-A1,

Class

A

2,925,000

4.310

03/15/28

2,916,171

Ford

Credit

Auto

Owner

Trust

,

Series

2023-C,

Class

A2A

1,323,308

5.680

09/15/26

1,327,313

Toyota

Auto

Receivables

Owner

Trust

,

Series

2023-B,

Class

A3

2,595,000

4.710

02/15/28

2,599,844

28,820,653

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$176,114,012)

176,760,980

a

Mortgage-Backed

Securities

–

22.2%

a

BBCMS

Mortgage

Trust

,

Series

2018-C2,

Class

ASB

426,624

4.236

12/15/51

417,674

BX

,

Series

2021-MFM1,

Class

A

(

1M

U.S.

T-Bill

MMY

+

0.814%

)

38,100

5.423

01/15/34

(a)(b)

38,052

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

BX

Trust

,

Series

2021-ARIA,

Class

A

(

1M

U.S.

T-Bill

MMY

+

1.014%

)

$

1,300,000

5.623

%

10/15/36

(a)(b)

$

1,293,558

BXHPP

Trust

,

Series

2021-FILM,

Class

A

(

1M

U.S.

T-Bill

MMY

+

0.764%

)

1,850,000

5.373

08/15/36

(a)(b)

1,784,334

CFCRE

Commercial

Mortgage

Trust

,

Series

2016-C3,

Class

A3

4,145,000

3.865

01/10/48

4,091,031

Citigroup

Commercial

Mortgage

Trust

,

Series

2015-GC33,

Class

A4

3,000,000

3.778

09/10/58

2,938,907

Citigroup

Commercial

Mortgage

Trust

,

Series

2015-P1,

Class

A5

3,000,000

3.717

09/15/48

2,968,066

Citigroup

Commercial

Mortgage

Trust

,

Series

2016-GC37,

Class

A3

2,738,532

3.050

04/10/49

2,686,513

COMM

Mortgage

Trust

,

Series

2015-CR24,

Class

ASB

14,252

3.445

08/10/48

14,219

COMM

Mortgage

Trust

,

Series

2015-CR25,

Class

A3

1,877,302

3.505

08/10/48

1,865,035

COMM

Mortgage

Trust

,

Series

2015-CR26,

Class

ASB

124,880

3.373

10/10/48

124,164

COMM

Mortgage

Trust

,

Series

2016-DC2,

Class

A4

467,107

3.497

02/10/49

461,200

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C1,

Class

A4

1,583,769

3.505

04/15/50

1,569,215

CSAIL

Commercial

Mortgage

Trust

,

Series

2015-C3,

Class

A4

3,020,000

3.718

08/15/48

2,989,106

DBJPM

Mortgage

Trust

,

Series

2016-C3,

Class

ASB

117,530

2.756

08/10/49

115,438

Extended

Stay

America

Trust

,

Series

2021-ESH,

Class

A

(

1M

U.S.

T-Bill

MMY

+

1.194%

)

1,285,606

5.803

07/15/38

(a)(b)

1,286,411

Federal

Home

Loan

Mortgage

Corporation

9,910,876

6.500

06/01/54

10,259,892

Federal

National

Mortgage

Association

9,000,000

5.500

TBA-15yr

(d)

9,110,430

9,907,930

6.000

07/01/54

10,069,162

8,876,213

6.500

08/01/54

9,170,250

FHLMC

REMIC

(

RFUCCT1Y

+

1.796%

)

2,482,596

6.990

10/01/43

(a)

2,543,116

(

RFUCCT1Y

+

1.774%

)

500,633

7.134

10/01/44

(a)

510,260

(

RFUCCT1Y

+

1.621%

)

4,777,775

6.745

01/01/46

(a)

4,878,784

FHLMC

REMIC

,

Series

2003-2682,

Class

FB

(

SOFR

+

1.014%

)

118,000

5.612

10/15/33

(a)

118,865

FHLMC

REMIC

,

Series

2003-2711,

Class

FA

(

SOFR

+

1.114%

)

122,151

5.712

11/15/33

(a)

123,484

FHLMC

REMIC

,

Series

2005-3033,

Class

FG

(

SOFR

+

0.464%

)

363,996

5.062

09/15/35

(a)

360,235

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FHLMC

REMIC

,

Series

2007-3298,

Class

FC

(

SOFR

+

0.534%

)

$

77,112

5.132

%

04/15/37

(a)

$

76,089

FHLMC

REMIC

,

Series

2007-3314,

Class

FC

(

SOFR

+

0.514%

)

17,649

5.112

12/15/36

(a)

17,470

FHLMC

REMIC

,

Series

2007-3316,

Class

FB

(

SOFR

+

0.414%

)

430,769

5.012

08/15/35

(a)

425,964

FHLMC

REMIC

,

Series

2007-3371,

Class

FA

(

SOFR

+

0.714%

)

91,643

5.312

09/15/37

(a)

91,251

FHLMC

REMIC

,

Series

2009-3593,

Class

CF

(

SOFR

+

0.714%

)

964,497

5.312

02/15/36

(a)

963,341

FHLMC

REMIC

,

Series

2012-4040,

Class

FW

(

SOFR

+

0.484%

)

260,646

5.082

05/15/32

(a)

259,459

FHLMC

REMIC

,

Series

2012-4057,

Class

FE

(

SOFR

+

0.564%

)

633,725

5.162

06/15/42

(a)

628,688

FHLMC

REMIC

,

Series

2012-4068,

Class

UF

(

SOFR

+

0.614%

)

156,238

5.212

06/15/42

(a)

154,230

FHLMC

REMIC

,

Series

2012-4098,

Class

MF

(

SOFR

+

0.414%

)

98,777

5.012

11/15/41

(a)

98,357

FHLMC

REMIC

,

Series

2012-4107,

Class

MF

(

SOFR

+

0.514%

)

1,340,416

5.112

09/15/42

(a)

1,322,651

FHLMC

REMIC

,

Series

2012-4126,

Class

GF

(

SOFR

+

0.514%

)

1,857,232

5.112

11/15/42

(a)

1,830,770

FHLMC

REMIC

,

Series

2013-4203,

Class

QF

(

SOFR

+

0.364%

)

841,981

4.962

05/15/43

(a)

829,889

FHLMC

REMIC

,

Series

2013-4215,

Class

NF

(

SOFR

+

0.464%

)

602,636

5.062

06/15/43

(a)

589,862

FHLMC

REMIC

,

Series

2013-4248,

Class

FL

(

SOFR

+

0.564%

)

60,008

5.162

05/15/41

(a)

59,541

FHLMC

REMIC

,

Series

2013-4263,

Class

FB

(

SOFR

+

0.514%

)

43,245

5.112

11/15/43

(a)

42,728

FHLMC

REMIC

,

Series

2013-4272,

Class

FD

(

SOFR

+

0.464%

)

45,502

5.062

11/15/43

(a)

44,931

FHLMC

REMIC

,

Series

2018-4787,

Class

ZS

625,355

5.000

07/01/48

625,454

FHLMC

REMIC

,

Series

2018-4818,

Class

FC

(

SOFR

+

0.414%

)

175,302

5.012

04/15/48

(a)

169,681

FHLMC

REMIC

,

Series

2018-4852,

Class

BF

(

SOFR

+

0.514%

)

1,137,146

5.112

12/15/48

(a)

1,111,596

FHLMC

REMIC

,

Series

2019-4897,

Class

F

(

SOFR

+

0.514%

)

918,543

5.112

07/15/49

(a)

904,492

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FHLMC

REMIC

,

Series

2019-4903,

Class

F

(

SOFR

+

0.564%

)

$

141,315

5.162

%

09/15/48

(a)

$

137,827

FHLMC

REMIC

,

Series

2019-4906,

Class

NF

(

SOFR

+

0.514%

)

1,124,182

5.369

03/15/38

(a)

1,096,299

FHLMC

REMIC

,

Series

2019-4942,

Class

FA

(

SOFR

+

0.614%

)

917,699

5.349

01/25/50

(a)

905,236

FHLMC

REMIC

,

Series

2020-5002,

Class

FJ

(

SOFR

+

0.514%

)

157,392

5.249

07/25/50

(a)

154,642

FHLMC

STRIPS

,

Series

2006-239,

Class

F22

(

SOFR

+

0.464%

)

132,916

5.062

08/15/36

(a)

131,462

FHLMC

STRIPS

,

Series

2006-239,

Class

F30

(

SOFR

+

0.414%

)

332,289

5.012

08/15/36

(a)

328,338

FNMA

REMIC

,

Series

2002-53,

Class

FY

(

SOFR

+

0.614%

)

137,142

5.349

08/25/32

(a)

136,898

FNMA

REMIC

,

Series

2004-54,

Class

FL

(

SOFR

+

0.514%

)

57,417

5.249

07/25/34

(a)

57,353

FNMA

REMIC

,

Series

2004-54,

Class

FN

(

SOFR

+

0.564%

)

185,204

5.299

07/25/34

(a)

185,018

FNMA

REMIC

,

Series

2005-120,

Class

FE

(

SOFR

+

0.634%

)

286,757

5.369

01/25/36

(a)

285,361

FNMA

REMIC

,

Series

2005-87,

Class

FE

(

SOFR

+

0.564%

)

302,235

5.299

10/25/35

(a)

300,343

FNMA

REMIC

,

Series

2006-110,

Class

AF

(

SOFR

+

0.444%

)

1,726,067

5.179

11/25/36

(a)

1,706,874

FNMA

REMIC

,

Series

2006-16,

Class

FC

(

SOFR

+

0.414%

)

63,146

5.149

03/25/36

(a)

62,623

FNMA

REMIC

,

Series

2006-36,

Class

FB

(

SOFR

+

0.414%

)

36,185

5.149

05/25/36

(a)

35,724

FNMA

REMIC

,

Series

2006-42,

Class

PF

(

SOFR

+

0.524%

)

62,475

5.259

06/25/36

(a)

62,078

FNMA

REMIC

,

Series

2006-44,

Class

FP

(

SOFR

+

0.514%

)

693,124

5.249

06/25/36

(a)

688,059

FNMA

REMIC

,

Series

2006-61,

Class

FD

(

SOFR

+

0.474%

)

137,636

5.209

07/25/36

(a)

136,239

FNMA

REMIC

,

Series

2006-79,

Class

DF

(

SOFR

+

0.464%

)

275,281

5.199

08/25/36

(a)

273,188

FNMA

REMIC

,

Series

2006-88,

Class

AF

(

SOFR

+

0.574%

)

281,801

5.309

09/25/36

(a)

279,546

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FNMA

REMIC

,

Series

2007-35,

Class

PF

(

SOFR

+

0.364%

)

$

49,671

5.099

%

04/25/37

(a)

$

48,930

FNMA

REMIC

,

Series

2007-67,

Class

FB

(

SOFR

+

0.434%

)

120,410

5.169

07/25/37

(a)

118,574

FNMA

REMIC

,

Series

2008-1,

Class

CF

(

SOFR

+

0.814%

)

39,611

5.549

02/25/38

(a)

39,525

FNMA

REMIC

,

Series

2009-110,

Class

FG

(

SOFR

+

0.864%

)

137,664

5.599

01/25/40

(a)

138,055

FNMA

REMIC

,

Series

2010-113,

Class

FA

(

SOFR

+

0.514%

)

102,178

5.249

10/25/40

(a)

101,503

FNMA

REMIC

,

Series

2010-116,

Class

FE

(

SOFR

+

0.514%

)

131,596

5.249

10/25/40

(a)

130,612

FNMA

REMIC

,

Series

2010-141,

Class

FB

(

SOFR

+

0.584%

)

82,056

5.319

12/25/40

(a)

81,234

FNMA

REMIC

,

Series

2010-15,

Class

FJ

(

SOFR

+

1.044%

)

251,423

5.779

06/25/36

(a)

253,689

FNMA

REMIC

,

Series

2010-39,

Class

FE

(

SOFR

+

0.884%

)

410,933

5.619

06/25/37

(a)

412,689

FNMA

REMIC

,

Series

2010-39,

Class

FG

(

SOFR

+

1.034%

)

174,236

5.769

03/25/36

(a)

175,836

FNMA

REMIC

,

Series

2010-46,

Class

WF

(

SOFR

+

0.864%

)

1,326,575

5.599

05/25/40

(a)

1,323,924

FNMA

REMIC

,

Series

2010-49,

Class

FB

(

SOFR

+

0.864%

)

120,792

5.599

05/25/40

(a)

120,891

FNMA

REMIC

,

Series

2010-59,

Class

FN

(

SOFR

+

0.844%

)

1,348,611

5.579

06/25/40

(a)

1,346,639

FNMA

REMIC

,

Series

2011-53,

Class

FT

(

SOFR

+

0.694%

)

115,018

5.429

06/25/41

(a)

114,378

FNMA

REMIC

,

Series

2011-87,

Class

FJ

(

SOFR

+

0.664%

)

116,835

5.399

09/25/41

(a)

115,459

FNMA

REMIC

,

Series

2012-101,

Class

FC

(

SOFR

+

0.614%

)

100,638

5.349

09/25/42

(a)

99,078

FNMA

REMIC

,

Series

2012-14,

Class

BF

(

SOFR

+

0.714%

)

582,536

5.449

03/25/42

(a)

577,921

FNMA

REMIC

,

Series

2012-37,

Class

BF

(

SOFR

+

0.614%

)

120,224

5.349

12/25/35

(a)

119,595

FNMA

REMIC

,

Series

2013-10,

Class

KF

(

SOFR

+

0.414%

)

77,252

5.149

02/25/43

(a)

76,099

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

FNMA

REMIC

,

Series

2013-130,

Class

FB

(

SOFR

+

0.564%

)

$

78,132

5.299

%

01/25/44

(a)

$

77,190

FNMA

REMIC

,

Series

2013-19,

Class

DF

(

SOFR

+

0.414%

)

386,705

5.149

09/25/41

(a)

385,065

FNMA

REMIC

,

Series

2013-2,

Class

QF

(

SOFR

+

0.614%

)

51,859

5.349

02/25/43

(a)

51,311

FNMA

REMIC

,

Series

2014-17,

Class

FE

(

SOFR

+

0.664%

)

668,473

5.399

04/25/44

(a)

660,704

FNMA

REMIC

,

Series

2014-28,

Class

FD

(

SOFR

+

0.564%

)

1,199,506

5.299

05/25/44

(a)

1,190,598

FNMA

REMIC

,

Series

2014-47,

Class

AF

(

SOFR

+

0.464%

)

251,819

5.319

08/25/44

(a)

250,012

FNMA

REMIC

,

Series

2015-27,

Class

KF

(

SOFR

+

0.414%

)

61,663

5.149

05/25/45

(a)

61,296

FNMA

REMIC

,

Series

2015-87,

Class

BF

(

SOFR

+

0.414%

)

295,217

5.149

12/25/45

(a)

290,711

FNMA

REMIC

,

Series

2016-49,

Class

EF

(

SOFR

+

0.514%

)

670,987

5.249

08/25/46

(a)

665,072

FNMA

REMIC

,

Series

2016-9335,

Class

AL

(

RFUCCT1Y

+

1.798%

)

6,559,140

6.906

12/01/40

(a)

6,733,457

FNMA

REMIC

,

Series

2017-16,

Class

FA

(

SOFR

+

0.564%

)

604,335

5.299

03/25/47

(a)

591,022

FNMA

REMIC

,

Series

2017-91,

Class

GF

(

SOFR

+

0.464%

)

1,442,572

5.199

11/25/47

(a)

1,413,859

FNMA

REMIC

,

Series

2018-15,

Class

JF

(

SOFR

+

0.414%

)

806,816

5.149

03/25/48

(a)

782,318

FNMA

REMIC

,

Series

2018-3385,

Class

MA

732,786

4.500

06/01/48

713,600

FNMA

REMIC

,

Series

2019-41,

Class

FM

(

SOFR

+

0.564%

)

944,004

5.299

08/25/49

(a)

926,856

FNMA

REMIC

,

Series

2019-6,

Class

KF

(

SOFR

+

0.564%

)

1,554,230

5.299

03/25/49

(a)

1,533,137

FNMA

REMIC

,

Series

2020-6347,

Class

BM

(

RFUCCT1Y

+

1.736%

)

7,270,498

6.619

02/01/41

(a)

7,469,063

FNMA

REMIC

,

Series

2023-7262,

Class

BM

(

RFUCCT1Y

+

1.796%

)

9,098,299

6.879

02/01/45

(a)

9,301,952

FNMA

REMIC

,

Series

2023-7266,

Class

BM

(

RFUCCT1Y

+

1.800%

)

13,443,511

6.780

05/01/44

(a)

13,726,899

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

Government

National

Mortgage

Association

,

Series

2004-59,

Class

FP

(

1M

U.S.

T-Bill

MMY

+

0.414%

)

$

298,747

4.812

%

08/16/34

(a)

$

296,905

Government

National

Mortgage

Association

,

Series

2005-4,

Class

FA

(

1M

U.S.

T-Bill

MMY

+

0.484%

)

246,634

4.882

01/16/35

(a)

245,656

Government

National

Mortgage

Association

,

Series

2007-59,

Class

FA

(

1M

U.S.

T-Bill

MMY

+

0.614%

)

94,594

5.221

10/20/37

(a)

94,266

Government

National

Mortgage

Association

,

Series

2013-99,

Class

PF

(

1M

U.S.

T-Bill

MMY

+

0.414%

)

1,354,500

5.021

07/20/43

(a)

1,326,903

Government

National

Mortgage

Association

,

Series

2019-110,

Class

F

(

1M

U.S.

T-Bill

MMY

+

0.564%

)

1,456,893

5.171

09/20/49

(a)

1,434,291

Government

National

Mortgage

Association

,

Series

2019-56,

Class

FB

(

1M

U.S.

T-Bill

MMY

+

0.564%

)

1,673,495

5.171

05/20/49

(a)

1,653,055

Government

National

Mortgage

Association

,

Series

2019-58,

Class

FA

(

1M

U.S.

T-Bill

MMY

+

0.514%

)

702,307

5.121

05/20/49

(a)

689,276

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2024-OMNI,

Class

A

1,850,000

5.797

10/05/39

(a)(b)

1,878,003

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

Series

2016-JP2,

Class

ASB

152,871

2.713

08/15/49

150,704

JPMBB

Commercial

Mortgage

Securities

Trust

,

Series

2015-C31,

Class

ASB

114,297

3.540

08/15/48

113,154

LCCM

,

Series

2017-LC26,

Class

A4

900,000

3.551

07/12/50

(b)

865,563

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-C23,

Class

A4

550,000

3.719

07/15/50

545,451

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2015-C24,

Class

A3

1,997,521

3.479

05/15/48

1,978,720

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

Series

2016-C29,

Class

A3

4,367,304

3.058

05/15/49

4,270,427

Morgan

Stanley

Capital

I

Trust

,

Series

2016-BNK2,

Class

ASB

224,435

2.860

11/15/49

219,195

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Mortgage-Backed

Securities

–

(continued)

a

ONE

PARK

Mortgage

Trust

,

Series

2021-PARK,

Class

A

(

1M

U.S.

T-Bill

MMY

+

0.814%

)

$

908,000

5.211

%

03/15/36

(a)(b)

$

895,008

STWD

Trust

,

Series

2021-FLWR,

Class

A

(

1M

U.S.

T-Bill

MMY

+

0.691%

)

1,350,000

5.300

07/15/36

(a)(b)

1,347,469

UBS

Commercial

Mortgage

Trust

,

Series

2017-C2,

Class

ASB

489,005

3.264

08/15/50

477,518

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2015-C31,

Class

ASB

20,579

3.487

11/15/48

20,411

Wells

Fargo

Commercial

Mortgage

Trust

,

Series

2016-C32,

Class

A3

1,300,914

3.294

01/15/59

1,276,549

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$161,607,029)

160,994,230

a

Foreign

Corporate

Debt

–

18.2%

Banks

–

14.8%

Banco

Santander

SA

(

Spain

)

1,200,000

2.746

05/28/25

1,187,197

200,000

5.147

08/18/25

200,350

Bank

of

Montreal

(

Canada

)

(

SOFRINDX

+

1.160%

)

2,983,000

5.806

12/11/26

(a)

3,013,789

(

SOFRINDX

+

0.880%

)

1,204,000

5.526

09/10/27

(a)

1,207,216

Bank

of

Nova

Scotia

(The)

(

Canada

)

1,866,000

5.450

06/12/25

1,873,376

1,076,000

1.300

09/15/26

1,016,560

Banque

Federative

du

Credit

Mutuel

SA

(

France

)

(

SOFRINDX

+

1.400%

)

2,251,000

6.104

07/13/26

(a)(b)

2,276,660

(

SOFR

+

1.130%

)

2,896,000

5.808

01/23/27

(a)(b)

2,917,438

Barclays

PLC

(

United

Kingdom

)

(

SOFR

+

2.714%

)

1,518,000

2.852

05/07/26

(a)

1,503,462

BNP

Paribas

SA

(

France

)

(

SOFR

+

2.074%

)

1,609,000

2.219

06/09/26

(a)(b)

1,585,061

BPCE

SA

(

France

)

(

SOFR

+

0.960%

)

1,650,000

5.727

09/25/25

(a)(b)

1,656,788

2,062,000

1.000

01/20/26

(b)

1,977,801

3,133,000

5.100

01/26/26

(b)

3,140,207

(

SOFR

+

1.520%

)

848,000

1.652

10/06/26

(a)(b)

823,940

Canadian

Imperial

Bank

of

Commerce

(

Canada

)

(

SOFR

+

1.220%

)

1,851,000

5.953

10/02/26

(a)

1,868,939

(

SOFR

+

0.940%

)

2,877,000

5.682

06/28/27

(a)

2,896,736

Cooperatieve

Rabobank

UA

(

Netherlands

)

316,000

1.375

01/10/25

314,773

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

Credit

Agricole

SA

(

France

)

(

SOFR

+

1.676%

)

$

2,110,000

1.907

%

06/16/26

(a)(b)

$

2,074,247

1,818,000

5.589

07/05/26

(b)

1,843,751

(

SOFR

+

0.870%

)

2,500,000

5.516

03/11/27

(a)(b)

2,507,395

Deutsche

Bank

AG

(

Germany

)

(

SOFR

+

3.190%

)

3,433,000

6.119

07/14/26

(a)

3,456,751

HSBC

Holdings

PLC

(

United

Kingdom

)

(

SOFR

+

1.929%

)

1,836,000

2.099

06/04/26

(a)

1,809,409

ING

Groep

NV

(

Netherlands

)

2,143,000

4.625

01/06/26

(b)

2,140,627

(

SOFRINDX

+

1.640%

)

2,000,000

6.382

03/28/26

(a)

2,007,425

(

US

1

Year

CMT

T-Note

+

1.100%

)

598,000

1.400

07/01/26

(a)(b)

585,595

Intesa

Sanpaolo

SpA

(

Italy

)

2,947,000

7.000

11/21/25

(b)

3,001,818

Lloyds

Banking

Group

PLC

(

United

Kingdom

)

(

US

1

Year

CMT

T-Note

+

1.750%

)

1,000,000

4.716

08/11/26

(a)

997,465

Macquarie

Bank

Ltd.

(

Australia

)

(

SOFRINDX

+

0.920%

)

2,462,000

5.653

07/02/27

(a)(b)

2,476,288

Mitsubishi

UFJ

Financial

Group,

Inc.

(

Japan

)

(

SOFR

+

0.940%

)

2,346,000

5.576

02/20/26

(a)

2,348,086

Mizuho

Financial

Group,

Inc.

(

Japan

)

1,421,000

2.839

09/13/26

1,378,111

NatWest

Markets

PLC

(

United

Kingdom

)

(

SOFR

+

0.900%

)

4,400,000

5.537

05/17/27

(a)(b)

4,410,218

Royal

Bank

of

Canada

(

Canada

)

1,208,000

3.375

04/14/25

1,201,919

Royal

Bank

of

Canada

,

GMTN

(

Canada

)

(

SOFRINDX

+

0.720%

)

2,950,000

5.410

10/18/27

(a)

2,951,986

Skandinaviska

Enskilda

Banken

AB

(

Sweden

)

1,532,000

1.200

09/09/26

(b)

1,446,746

(

SOFR

+

0.890%

)

2,427,000

5.535

03/05/27

(a)(b)

2,437,487

Societe

Generale

SA

(

France

)

(

US

1

Year

CMT

T-Note

+

1.050%

)

3,255,000

2.226

01/21/26

(a)(b)

3,240,019

(

SOFR

+

1.100%

)

3,881,000

5.738

02/19/27

(a)(b)

3,879,855

Standard

Chartered

FRN

(

United

Kingdom

)

3,311,000

4.650

11/20/25

3,312,103

Standard

Chartered

PLC

(

United

Kingdom

)

(

3M

USD

LIBOR

+

1.209%

)

3,503,000

2.819

01/30/26

(a)(b)

3,487,219

Sumitomo

Mitsui

Financial

Group,

Inc.

(

Japan

)

2,872,000

3.784

03/09/26

2,841,346

2,388,000

2.632

07/14/26

2,313,896

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Foreign

Corporate

Debt

–

(continued)

Banks

–

(continued)

Sumitomo

Mitsui

Trust

Bank

Ltd.

(

Japan

)

(

SOFR

+

0.980%

)

$

4,494,000

5.625

%

09/10/27

(a)(b)

$

4,533,695

Svenska

Handelsbanken

AB

(

Sweden

)

1,268,000

3.650

06/10/25

(b)

1,261,282

(

SOFR

+

1.250%

)

1,807,000

5.896

06/15/26

(a)(b)

1,828,868

Toronto-Dominion

Bank

(The)

,

GMTN

(

Canada

)

(

SOFR

+

0.480%

)

1,500,000

5.124

08/29/25

(a)

1,499,162

Toronto-Dominion

Bank

(The)

,

MTN

(

Canada

)

(

SOFR

+

1.080%

)

2,356,000

5.773

07/17/26

(a)

2,374,893

UBS

AG

(

Switzerland

)

2,383,000

7.950

01/09/25

2,389,556

UBS

AG

,

MTN

(

Switzerland

)

822,000

3.700

02/21/25

819,739

UBS

AG

,

Series

FRN

(

Switzerland

)

(

SOFRINDX

+

1.260%

)

2,155,000

5.900

02/21/25

(a)

2,159,280

UBS

Group

AG

(

Switzerland

)

994,000

3.750

03/26/25

990,589

1,710,000

4.125

04/15/26

(b)

1,692,167

107,159,286

Consumer

Cyclical

–

2.3%

BMW  U.S.

Capital

LLC

(

Germany

)

(

SOFRINDX

+

0.800%

)

2,241,000

5.437

08/13/26

(a)(b)

2,250,127

Mercedes-Benz

Finance

North

America

LLC

(

Germany

)

(

SOFR

+

0.670%

)

150,000

5.393

01/09/26

(a)(b)

150,236

2,131,000

4.875

07/31/26

(b)

2,139,925

Volkswagen

Group

of

America

Finance

LLC

(

Germany

)

1,427,000

3.350

05/13/25

(b)

1,416,163

2,477,000

4.625

11/13/25

(b)

2,471,209

1,203,000

5.400

03/20/26

(b)

1,208,281

3,300,000

4.900

08/14/26

(b)

3,290,354

(

SOFR

+

0.930%

)

1,467,000

5.576

09/12/25

(a)(b)

1,469,963

(

SOFR

+

1.060%

)

2,249,000

5.697

08/14/26

(a)(b)

2,255,882

16,652,140

Financial

Company

–

0.6%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

(

Ireland

)

1,114,000

6.500

07/15/25

1,123,835

3,474,000

2.450

10/29/26

3,323,677

4,447,512

Insurance

–

0.2%

Great-West

Lifeco  U.S.

Finance

2020

LP

(

Canada

)

1,674,000

0.904

08/12/25

(b)

1,627,924

Wireless

–

0.3%

NTT

Finance

Corp.

(

Japan

)

2,010,000

1.162

04/03/26

(b)

1,921,293

TOTAL

FOREIGN

CORPORATE

DEBT

(Cost

$131,349,996)

131,808,155

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

18.0%

Banks

–

7.1%

American

Express

Co.

(

SOFRINDX

+

1.350%

)

$

1,116,000

6.012

%

10/30/26

(a)

$

1,123,581

(

SOFR

+

0.750%

)

2,905,000

5.428

04/23/27

(a)

2,908,377

Bank

of

America

NA

(

SOFR

+

1.020%

)

1,695,000

5.657

08/18/26

(a)

1,711,141

Charles

Schwab

Corp.

(The)

(

SOFRINDX

+

0.520%

)

1,259,000

5.157

05/13/26

(a)

1,257,231

Citibank

NA

3,542,000

4.929

08/06/26

3,562,074

(

SOFRINDX

+

1.060%

)

1,776,000

5.705

12/04/26

(a)

1,791,846

(

SOFR

+

0.712%

)

4,954,000

5.349

11/19/27

(a)

4,954,529

Citigroup

Global

Markets

Holdings,

Inc.

,

MTN

3,369,000

4.800

12/19/25

3,368,070

HSBC

USA,

Inc.

(

SOFR

+

0.960%

)

3,402,000

5.605

03/04/27

(a)

3,416,045

JPMorgan

Chase

&

Co.

(

SOFR

+

0.605%

)

1,280,000

1.561

12/10/25

(a)

1,278,962

(

3M

U.S.

T-Bill

MMY

+

1.585%

)

3,342,000

2.005

03/13/26

(a)

3,314,694

JPMorgan

Chase

Bank

NA

(

SOFR

+

1.000%

)

1,571,000

5.646

12/08/26

(a)

1,586,924

Morgan

Stanley

Bank

NA

(

SOFR

+

1.165%

)

1,529,000

5.833

10/30/26

(a)

1,546,757

(

SOFR

+

0.685%

)

1,552,000

5.376

10/15/27

(a)

1,552,245

National

Securities

Clearing

Corp.

2,956,000

5.150

06/26/26

(b)

2,982,965

PNC

Bank

NA

1,504,000

3.250

06/01/25

1,492,577

(

SOFR

+

0.504%

)

4,112,000

4.775

01/15/27

(a)(c)

4,114,087

(

SOFR

+

0.500%

)

2,657,000

5.120

01/15/27

(a)(c)

2,657,975

State

Street

Corp.

(

SOFR

+

0.845%

)

1,383,000

5.500

08/03/26

(a)

1,392,302

(

SOFR

+

0.640%

)

1,299,000

5.333

10/22/27

(a)

1,301,700

Wells

Fargo

&

Co.

,

MTN

(

3M

U.S.

T-Bill

MMY

+

1.012%

)

1,822,000

2.164

02/11/26

(a)

1,812,140

Wells

Fargo

Bank

NA

,

Series

BNKT

(

SOFR

+

1.060%

)

2,339,000

5.702

08/07/26

(a)

2,360,711

51,486,933

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Brokerage

–

0.3%

Nasdaq,

Inc.

$

2,000,000

5.650

%

06/28/25

$

2,008,417

Capital

Goods

–

0.4%

General

Electric

Co.

,

MTN

(

3M

U.S.

T-Bill

MMY

+

0.642%

)

1,469,000

5.196

05/05/26

(a)

1,470,651

John

Deere

Capital

Corp.

(

SOFR

+

0.680%

)

1,134,000

5.390

07/15/27

(a)

1,138,413

2,609,064

Communications

–

0.2%

Comcast

Corp.

1,668,000

3.150

03/01/26

1,641,800

Consumer

Cyclical

–

1.6%

American

Honda

Finance

Corp.

,

GMTN

(

SOFRINDX

+

0.720%

)

1,606,000

5.557

10/05/26

(a)

1,608,931

(

SOFR

+

0.710%

)

1,573,000

5.421

07/09/27

(a)

1,573,612

eBay,

Inc.

1,500,000

5.900

11/22/25

1,516,262

General

Motors

Co.

1,164,000

6.125

10/01/25

1,173,675

General

Motors

Financial

Co.,

Inc.

1,355,000

2.750

06/20/25

1,338,920

1,629,000

5.250

03/01/26

1,636,243

(

SOFRINDX

+

1.050%

)

2,568,000

5.753

07/15/27

(a)

2,565,580

11,413,223

Consumer

Noncyclical

–

0.3%

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve

Co.

573,000

1.500

06/01/25

(b)

562,732

Philip

Morris

International,

Inc.

1,694,000

2.750

02/25/26

1,657,139

2,219,871

Distributors

–

1.4%

Hyundai

Capital

America

1,370,000

5.450

06/24/26

(b)

1,381,602

(

SOFR

+

1.500%

)

4,374,000

6.220

01/08/27

(a)(b)

4,423,269

(

SOFR

+

1.040%

)

956,000

5.796

06/24/27

(a)(b)

957,766

(

SOFR

+

1.030%

)

3,327,000

5.780

09/24/27

(a)(b)

3,332,825

10,095,462

Electric

–

1.5%

Avangrid,

Inc.

2,066,000

3.150

12/01/24

2,066,000

National

Rural

Utilities

Cooperative

Finance

Corp.

,

GMTN

(

SOFR

+

0.800%

)

3,154,000

5.453

02/05/27

(a)

3,175,085

National

Rural

Utilities

Cooperative

Finance

Corp.

,

MTN

(

SOFR

+

0.400%

)

3,534,000

5.048

12/03/25

(a)

3,535,923

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Corporate

Obligations

–

(continued)

Electric

–

(continued)

Southwestern

Electric

Power

Co.

,

Series

K

$

2,560,000

2.750

%

10/01/26

$

2,470,338

11,247,346

Energy

–

0.5%

Colonial

Pipeline

Co.

915,000

3.750

10/01/25

(b)

906,288

Williams

Cos.,

Inc.

(The)

2,565,000

5.400

03/02/26

2,584,360

3,490,648

Financial

Company

–

0.7%

Air

Lease

Corp.

1,081,000

3.375

07/01/25

1,071,107

1,266,000

1.875

08/15/26

1,206,284

Air

Lease

Corp.

,

MTN

2,574,000

2.300

02/01/25

2,560,545

4,837,936

Food

and

Beverage

–

0.3%

Keurig

Dr

Pepper,

Inc.

(SOFRINDX

+

0.880%)

1,908,000

5.526

03/15/27

(a)

1,923,870

Insurance

–

2.4%

Corebridge

Global

Funding

1,061,000

5.350

06/24/26

(b)

1,071,767

(

SOFR

+

1.300%

)

3,318,000

6.049

09/25/26

(a)(b)

3,348,655

Equitable

Financial

Life

Global

Funding

1,757,000

5.500

12/02/25

(b)

1,770,302

6,012,000

1.000

01/09/26

(b)

5,773,038

New

York

Life

Global

Funding

(

SOFR

+

0.580%

)

801,000

5.224

08/28/26

(a)(b)

802,326

Pacific

Life

Global

Funding

II

(

SOFRINDX

+

1.050%

)

3,765,000

5.721

07/28/26

(a)(b)

3,790,876

Protective

Life

Global

Funding

1,005,000

1.170

07/15/25

(b)

983,899

274,000

1.618

04/15/26

(b)

262,987

17,803,850

Metals

and

Mining

–

0.4%

Newmont

Corp.

/

Newcrest

Finance

Pty

Ltd.

2,950,000

5.300

03/15/26

2,968,903

Revenue

–

0.8%

UPMC

,

Series

D-1

5,725,000

3.600

04/03/25

5,693,836

Transportation

–

0.1%

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

614,000

3.950

03/10/25

(b)

612,001

TOTAL

CORPORATE

OBLIGATIONS

(Cost

$129,466,178)

130,053,160

a

Certificate

of

Deposits

–

5.0%

Bank

of

Montreal

-

Chicago

Branch

(

SOFR

+

0.400%

)

3,500,000

5.020

11/07/25

(a)

3,501,925

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Principal

Amount

Interest

Rate

Maturity

Date

Value

a

Certificate

of

Deposits

–

(continued)

Bayerische

Landesbank

(

SOFR

+

0.170%

)

$

7,000,000

4.790

%

01/21/25

(a)

$

7,000,637

Credit

Agricole

Corporate

and

Investment

Bank

(

SOFR

+

0.590%

)

2,987,000

5.210

08/28/25

(a)

2,994,723

Credit

Agricole

Corporate

and

Investment

Bank-New

York

Branch

2,029,000

4.640

11/13/25

2,029,140

Deutsche

Bank

AG-New

York

Branch

(

SOFR

+

0.400%

)

3,200,000

5.102

10/10/25

(a)

3,199,806

(

SOFR

+

0.390%

)

1,103,000

5.010

11/21/25

(a)

1,102,790

Deutsche

Bank

AG-New

York

Branch

1,800,000

4.630

11/06/25

1,799,316

Kookmin

Bank

(

SOFR

+

0.650%

)

3,412,000

5.270

01/29/25

(a)

3,414,846

Kookmin

Bank

3,058,000

–

12/28/25

(e)

3,049,340

Lloyds

Bank

Corporate

Markets

PLC/New

York

NY

1,718,000

5.510

05/22/25

1,724,425

Mitsubishi

UFJ

Trust

&

Banking

Corp.

(

SOFR

+

0.350%

)

475,000

4.970

02/06/25

(a)

475,048

National

Bank

of

Kuwait

4,852,000

4.860

05/16/25

4,852,679

Toronto-Dominion

Bank

(The)

-

New

York

Branch

(

SOFR

+

0.330%

)

1,081,000

4.950

04/01/25

(a)

1,080,929

TOTAL

CERTIFICATE

OF

DEPOSITS

(Cost

$36,215,763)

36,225,604

a

U.S.

Treasury

Notes

–

3.2%

U.S.

Treasury

Notes

592,700

4.750

(f)

07/31/25

593,742

2,391,000

5.000

(f)

08/31/25

2,399,970

7,262,500

5.000

(f)

10/31/25

7,300,266

5,317,200

4.250

(f)

01/31/26

5,311,720

3,324,900

3.500

(f)

09/30/26

3,283,715

United

States

Treasury

Floating

Rate

Note

(

3M

USD

T-Bill

+

0.169%

)

1,215,400

4.516

(f)

04/30/25

(a)

1,215,246

(

3M

USD

T-Bill

+

0.125%

)

2,972,900

4.472

(f)

07/31/25

(a)

2,971,524

TOTAL

U.S.

TREASURY

NOTES

(Cost

$23,034,426)

23,076,183

Aaa

a

Short-Term

Investment

–

7.3%

Commercial

Paper

–

5.9%

Australia

and

New

Zealand

Banking

Group

Ltd.

$

2,054,000

4.572

%

1,997,720

Bank

of

America

NA

1,032,000

4.950

1,032,003

BASF

SE

3,335,000

4.928

3,321,693

BofA

Securities,

Inc.

1,652,000

4.638

1,581,162

BPCE

Principal

Amount

Interest

Rate

Maturity

Date

Value

Aaa

(continued)

a

(continued)

Short-Term

Investment

-

(continued)

Commercial

Paper

–

(continued)

$

2,017,000

4.583

%

$

1,932,689

Canadian

Imperial

Bank

of

Commerce

CP

564,000

5.121

564,316

eBay,

Inc.

3,425,000

5.006

3,397,463

Entergy

Corp.

7,176,000

4.863

7,100,796

Glencore

Funding

LLC

3,627,000

5.264

3,616,917

Intesa

Funding

LLC

CP

4/24

3,192,000

5.905

3,136,938

Macquarie

Bank

Ltd.

533,000

4.910

533,362

1,020,000

4.940

1,019,977

Merrill

Lynch

B.V.,

MTN

(SOFR

+

0.450%)

4,500,000

5.020

(a)(b)

4,499,806

National

Bank

of

Canada,

GMTN

(SOFRINDX

+

0.900%)

2,437,000

5.759

(a)

2,441,708

Penske

Truck

Leasing

Co.

LP

3,345,000

4.838

3,266,794

Wells

Fargo

Bank

NA

(SOFR

+

1.070%)

2,122,000

6.435

(a)

2,144,323

Westpac

Banking

Corp.

1,488,000

5.070

1,488,569

43,076,236

U.S.

Treasury

Bills

–

1.4%

U.S.

Treasury

Bill

3,675,900

4.521

3,634,751

3,702,300

4.449

3,635,586

2,838,900

5.221

2,783,270

10,053,607

TOTAL

SHORT-TERM

INVESTMENT

(Cost

$53,085,558)

53,129,843

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

2.7%

(g)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

19,200,889

4.541%

19,200,889

(Cost

$19,200,889)

TOTAL

INVESTMENTS

–

101.0%

(Cost

$730,073,851)

$

731,249,044

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.0)%

(7,160,231)

NET

ASSETS

–

100.0%

$

724,088,813

  a

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

November

30,

2024.

GOLDMAN

SACHS

ACCESS

ULTRA

SHORT

BOND

ETF

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

**End

swaps

header**

(b)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(c)

When-issued

security.

(d)

TBA

(To

Be

Announced)

Securities

are

purchased

on

a

forward

commitment

basis

with

an

approximate

principal

amount

and

no

defined

maturity

date.

The

actual

principal

and

maturity

date

will

be

determined

upon

settlement

when

the

specific

mortgage

pools

are

assigned.

Total

market

value

of

TBA

securities

(excluding

forward

sales

contracts,

if

any)

amounts

to

$9,110,430

which

represents

approximately

1.3%

of

the

Fund’s

net

assets

as

of

November

30,

2024.

(e)

Zero

coupon

bond

until

next

reset

date.

(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.

Investment

Abbreviations:

BA

—

Banker

Acceptance

Rate

CLO

—

Collateralized

Loan

Obligation

CMT

—

Constant

Maturity

Treasury

Index

FHLMC

—

Federal

Home

Loan

Mortgage

Corp.

FNMA

—

Federal

National

Mortgage

Association

GMTN

—

Global

Medium

Term

Note

LIBOR

—

London

Interbank

Offered

Rate

LP

—

Limited

Partnership

MMY

—

Money

Market

Yield

MTN

—

Medium

Term

Note

PLC

—

Public

Limited

Company

SOFR

—

Secured

Overnight

Financing

Rate

SOFRINDX

—

Secured

Overnight

Financing

Rate

Index

T-Bill

—

Treasury

Bill

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

November

30,

2024

(Unaudited)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

Investment

Valuation

—

The

Funds’

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

The

fair

value

of

a

financial

instrument

is

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).

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

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

1

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

2

—

Quoted

prices

in

markets

that

are

not

active

or

financial

instruments

for

which

significant

inputs

are

observable

(including,

but

not

limited

to,

quoted

prices

for

similar

investments,

interest

rates,

foreign

exchange

rates,

volatility

and

credit

spreads),

either

directly

or

indirectly;

Level

3

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM’s

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

(“Trustees”)

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

a

Fund’s

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

the

Advisor

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’

portfolio

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.

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.

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

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

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.

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.

Level

3

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund’s

investments

may

be

determined

under

Valuation

Procedures

approved

by

the

Trustees.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund’s

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

3

investments.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

November

30,

2024:

Access

Emerging

Markets

USD

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

10,082,199

$

—

Sovereign

Debt

Obligations

—

56,009,073

—

Investment

Company

1,032,343

—

—

Total

$

1,032,343

$

66,091,272

$

—

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

€

1.00

€

1.00

€

1.00

Access

High

Yield

Corporate

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

134,670,307

$

—

Foreign

Corporate

Debt

—

7,040,009

—

Investment

Company

864,399

—

—

Total

$

864,399

$

141,710,316

$

—

€

1.00

€

1.00

€

1.00

Access

Inflation

Protected

USD

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

U.S.

Treasury

Inflation

Indexed

Bond

$

137,044,625

$

—

$

—

Investment

Company

428,264

—

—

Total

$

137,472,889

$

—

$

—

€

1.00

€

1.00

€

1.00

Access

Investment

Grade

Corporate

1-5

Year

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

7,943,949

$

—

Foreign

Corporate

Debt

—

1,306,368

—

Investment

Company

23,365

—

—

Total

$

23,365

$

9,250,317

$

—

€

1.00

€

1.00

€

1.00

Access

Investment

Grade

Corporate

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

711,679,525

$

—

Foreign

Corporate

Debt

—

140,121,385

—

Investment

Company

7,795,555

—

—

Total

$

7,795,555

$

851,800,910

$

—

€

1.00

€

1.00

€

1.00

Access

Treasury

0-1

Year

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

U.S.

Treasury

Bills

$

5,249,030,473

$

—

$

—

U.S.

Treasury

Notes

432,744,068

—

—

Total

$

5,681,774,541

$

—

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

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.

Access

U.S.

Aggregate

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

86,557,257

$

—

Foreign

Corporate

Debt

—

22,513,807

—

Mortgage-Backed

Securities

—

110,809,286

—

Sovereign

Debt

Obligations

213,592

9,477,505

—

U.S.

Government

Agency

Obligations

—

791,317

—

U.S.

Treasury

Bonds

42,513,030

—

—

U.S.

Treasury

Notes

136,985,112

—

—

Investment

Company

23,427,572

—

—

Total

$

203,139,306

$

230,149,172

$

—

Liabilities

Fixed

Income

Forward

Sales

Contracts

$

—

$

(13,586,172)

$

—

€

1.00

€

1.00

€

1.00

Access

U.S.

Preferred

Stock

and

Hybrid

Securities

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Corporate

Obligations

$

—

$

57,585,023

$

—

Foreign

Corporate

Debt

—

9,115,750

—

Preferred

Stock

—

37,900,289

—

Investment

Company

388,218

—

—

Total

$

388,218

$

104,601,062

$

—

€

1.00

€

1.00

€

1.00

Access

Ultra

Short

Bond

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Fixed

Income

Asset-Backed

Securities

$

—

$

176,760,980

$

—

Certificate

of

Deposit

—

36,225,604

—

Corporate

Obligations

—

130,053,160

—

Foreign

Corporate

Debt

—

131,808,155

—

Mortgage-Backed

Securities

—

160,994,230

—

U.S.

Treasury

Notes

23,076,183

—

—

Short-Term

Investment

10,053,607

43,076,236

—

Investment

Company

19,200,889

—

—

Total

$

52,330,679

$

678,918,365

$

—

€

1.00

€

1.00

€

1.00

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Index

Risk

(each

Fund

except

Goldman

Sachs

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

FTSE

Goldman

Sachs

Emerging

Markets

USD

Bond

Index

is

new

and

has

limited

performance

history.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

a

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,

a

Fund

(except

Access

Ultra

Short

Bond

ETF)

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

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.

Concentrating

fund

investments

in

a

limited

number

of

issuers

conducting

business

in

the

same

industry

or

group

of

industries

will

subject

the

Access

Ultra

Short

Bond

ETF

to

a

greater

risk

of

loss

as

a

result

of

adverse

economic,

business,

political,

environmental

or

other

developments

than

if

its

investments

were

diversified

across

different

industries.

Interest

Rate

Risk

—

When

interest

rates

increase,

fixed

income

securities

or

instruments

held

by

a

Fund

will

generally

decline

in

value.

A

Fund

may

face

a

heightened

level

of

interest

rate

risk

in

connection

with

the

type

and

extent

of

certain

monetary

policy

changes

made

by

the

Federal

Reserve,

such

as

target

interest

rate

changes.

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.

The

risks

associated

with

changing

interest

rates

may

have

unpredictable

effects

on

the

markets

and

a

Fund’s

investments.

Fluctuations

in

interest

rates

may

also

affect

the

liquidity

of

fixed

income

securities

and

instruments

held

by

the

Funds.

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

—

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

Access

Fixed

Income

ETFs

Schedule

of

Investments

(continued)

November

30,

2024

(Unaudited)

Liquidity

Risk

—

A

Fund

may

make

investments

that

are

illiquid

or

that

may

become

less

liquid

in

response

to

market

developments

or

adverse

investor

perceptions.

Illiquid

investments

may

be

more

difficult

to

value.

Liquidity

risk

may

also

refer

to

the

risk

that

a

Fund

will

not

be

able

to

pay

redemption

proceeds

within

the

allowable

time

period

or

without

significant

dilution

to

remaining

investors’

interests

because

of

unusual

market

conditions,

an

unusually

high

volume

of

redemption

requests,

or

other

reasons.

To

meet

redemption

requests,

a

Fund

may

be

forced

to

sell

investments

at

an

unfavorable

time

and/or

under

unfavorable

conditions.

If

a

Fund

is

forced

to

sell

securities

at

an

unfavorable

time

and/or

under

unfavorable

conditions,

such

sales

may

adversely

affect

the

Fund’s

NAV

and

dilute

remaining

investors’

interests.

Liquidity

risk

may

be

the

result

of,

among

other

things,

the

reduced

number

and

capacity

of

traditional

market

participants

to

make

a

market

in

fixed

income

securities

or

the

lack

of

an

active

market.

The

potential

for

liquidity

risk

may

be

magnified

by

a

rising

interest

rate

environment

or

other

circumstances

where

investor

redemptions

from

fixed

income

funds

may

be

higher

than

normal,

potentially

causing

increased

supply

in

the

market

due

to

selling

activity.

These

risks

may

be

more

pronounced

in

connection

with

a

Fund’s

investments

in

securities

of

issuers

located

in

emerging

market

countries.

Redemptions

by

large

shareholders

may

have

a

negative

impact

on

a

Fund’s

liquidity.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

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

sustain

losses.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

(except

the

Access

Ultra

Short

Bond

ETF)

trading

individually

or

in

the

aggregate

at

any

point

in

time.

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

(each

Fund

except

the

Access

Ultra

Short

Bond

ETF)

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)