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Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR | ETF

$40.83

$430 M

3.96%

$1.62

0.16%

Vitals

YTD Return

1.0%

1 yr return

5.9%

3 Yr Avg Return

-2.6%

5 Yr Avg Return

N/A

Net Assets

$430 M

Holdings in Top 10

43.0%

52 WEEK LOW AND HIGH

$40.8
$39.98
$42.71

Expenses

OPERATING FEES

Expense Ratio 0.16%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/21/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR | ETF

$40.83

$430 M

3.96%

$1.62

0.16%

GCOR - Profile

Distributions

  • YTD Total Return 1.0%
  • 3 Yr Annualized Total Return -2.6%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.77%
DIVIDENDS
  • Dividend Yield 4.0%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Goldman Sachs Access U.S. Aggregate Bond ETF
  • Fund Family Name
    Goldman Sachs Fund Complex
  • Inception Date
    Sep 08, 2020
  • Shares Outstanding
    7650000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Westbrook

Fund Description

The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. To-Be-Announced (“TBA”) transactions representing securities included in the Fund’s underlying index are counted towards the Fund’s 80% investment policy.The Index is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria.The Index consists of the following fixed income asset class sectors: U.S. Treasury Securities (as defined below), corporate bonds, mortgage-backed securities, government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities. As of November 30, 2023, there were 8,418 constituents in the Index and the Index had a weighted average maturity of 8.73 years. In addition, as of November 30, 2023, the percentage breakdown of bonds included in the Index was as follows: U.S. Treasury Securities 41.91%, corporate bonds 25.92%, mortgage-backed securities 26.30%, asset-backed securities 0.18%, government-sponsored securities 1.86%, non-U.S. sovereign and provincial securities 3.84%.The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad Investment-Grade (USBIG®) Index (the “Reference Index”), using concepts developed with Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”).Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.The Index Provider constructs the Index in accordance with a rules-based methodology that involves two steps.Step 1In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to constituents of the Reference Index as described below. All constituents of the Reference Index must have a minimum of one year to maturity and are rated at least BBB- by S&P Global Ratings (“S&P”) or Baa3 by Moody’s Investors Service, Inc. (“Moody’s”).U.S. Treasury Securities:“U.S. Treasury Securities” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. U.S. Treasury Securities that are included in the Reference Index must have a minimum of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings). Only fixed-rate U.S. Treasury Securities within the Reference Index are included in the Universe.Corporate Bonds:Corporate bonds that are included in the Reference Index must have a minimum of $250 million outstanding. Only corporate bonds within the Reference Index from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.Mortgage-Backed Securities:Mortgage-backed securities that are included in the Reference Index must have a minimum issuer size of $250 million. Only mortgage-backed securities within the Reference Index that have a minimum of $1 billion outstanding per origination year generic when the coupon has a minimum amount outstanding of $5 billion are included in the Universe.Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities:Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities that are included in the Reference Index must have a minimum of $1 billion, $500 million and $250 million outstanding, respectively. All government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Reference Index are included in the Universe, except for callable zero coupon bonds, bonds callable less than one year from the issue date, and bonds issued by supranational entities.Step 2In the second step, the Index Provider applies specified fundamental screens to each type of constituents in the Universe as described below.U.S. Treasury Securities:U.S. Treasury Securities within the Universe are screened to exclude securities that are “on-the-run” bonds, or the newest issues for each security term. The remaining U.S. Treasury Securities are divided into “maturity sectors” according to their weighted average maturities. The weight of each U.S. Treasury Security within its maturity sector is determined through an optimization process with the goal of maximizing projected one-month return net of transaction costs subject to a cap on volatility.Corporate Bonds:Corporate bond issuers within the Universe are grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, operating margin and leverage, subject to certain exceptions. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.Mortgage-Backed Securities:Mortgage-backed securities within the Universe are grouped by issuer agency and are ranked within each issuer agency group based on “seasoning” (i.e., the length of time the security has been publicly traded). “Unseasoned” mortgage-backed securities (i.e., securities with less than six months of loan age) within each issuer agency group are removed from the Index. In addition, the most “negatively convex” mortgage-backed securities within each issuer agency group are removed from the Index (“negative convexity” refers to the tendency for a security’s price to fall when interest rates fall). The weights of the remaining mortgage-backed securities in the Index are determined according to their market capitalizations within the Reference Index, and the weight of each issuer agency group is adjusted to match the weighted average effective duration of such group within the Reference Index.Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities:Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Universe are included in the Index in accordance with their market capitalizations.The Index is normally rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the corporate bond constituents of the Index on the basis of the fundamental factors (as described above).The Investment Adviser uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.The Fund may invest in mortgage-backed securities included in the Index through TBA transactions. TBA transactions are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including, for TBA mortgage-backed securities, issuer, rate and mortgage terms.The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
Read More

GCOR - Performance

Return Ranking - Trailing

Period GCOR Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -6.4% 10.8% 87.27%
1 Yr 5.9% -2.1% 16.4% 82.75%
3 Yr -2.6%* -10.0% 27.5% 68.15%
5 Yr N/A* -7.5% 58.4% 7.49%
10 Yr N/A* -2.9% 73.8% 8.72%

* Annualized

Return Ranking - Calendar

Period GCOR Return Category Return Low Category Return High Rank in Category (%)
2023 1.9% -16.2% 8.1% 60.80%
2022 -15.6% -34.7% 131.9% 38.00%
2021 -2.8% -11.6% 4.4% 24.97%
2020 N/A -10.1% 946.1% N/A
2019 N/A -1.7% 16.9% N/A

Total Return Ranking - Trailing

Period GCOR Return Category Return Low Category Return High Rank in Category (%)
YTD 1.0% -6.4% 10.8% 87.27%
1 Yr 5.9% -2.1% 16.4% 82.75%
3 Yr -2.6%* -10.0% 27.5% 68.15%
5 Yr N/A* -7.5% 58.4% N/A
10 Yr N/A* -2.9% 73.8% N/A

* Annualized

Total Return Ranking - Calendar

Period GCOR Return Category Return Low Category Return High Rank in Category (%)
2023 5.8% -11.3% 11.9% 59.26%
2022 -13.8% -32.2% 131.9% 57.47%
2021 -1.9% -9.4% 9.2% 83.61%
2020 N/A -1.9% 1009.0% N/A
2019 N/A 1.1% 21668.0% N/A

GCOR - Holdings

Concentration Analysis

GCOR Category Low Category High GCOR % Rank
Net Assets 430 M 2.9 M 314 B 69.13%
Number of Holdings 956 1 17787 42.55%
Net Assets in Top 10 171 M 1.62 M 35.1 B 64.13%
Weighting of Top 10 42.96% 4.4% 432.9% 16.20%

Top 10 Holdings

  1. United States Treasury Note/Bond 10.73%
  2. United States Treasury Note/Bond 6.86%
  3. United States Treasury Note/Bond 5.25%
  4. United States Treasury Note/Bond 4.60%
  5. Goldman Sachs Financial Square Government Fund 4.13%
  6. United States Treasury Note/Bond 2.56%
  7. United States Treasury Note/Bond 2.33%
  8. Freddie Mac Pool 2.28%
  9. United States Treasury Note/Bond 2.27%
  10. United States Treasury Note/Bond 1.96%

Asset Allocation

Weighting Return Low Return High GCOR % Rank
Bonds 		98.52% 0.00% 993.61% 33.54%
Cash 		4.13% -54.51% 237.69% 36.90%
Convertible Bonds 		0.85% 0.00% 7.93% 73.81%
Stocks 		0.00% 0.00% 99.99% 96.21%
Preferred Stocks 		0.00% 0.00% 71.02% 95.48%
Other 		0.00% -27.25% 52.94% 93.94%

Bond Sector Breakdown

Weighting Return Low Return High GCOR % Rank
Government 		38.39% 0.00% 86.23% 22.26%
Securitized 		21.84% 0.00% 98.40% 76.29%
Corporate 		20.16% 0.00% 100.00% 85.51%
Cash & Equivalents 		4.13% -0.46% 237.69% 36.69%
Derivative 		0.00% -1.58% 44.82% 79.55%
Municipal 		0.00% 0.00% 100.00% 98.34%

Bond Geographic Breakdown

Weighting Return Low Return High GCOR % Rank
US 		98.52% 0.00% 993.61% 30.22%
Non US 		0.00% 0.00% 30.95% 95.38%

GCOR - Expenses

Operational Fees

GCOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.16% 0.01% 39.64% 95.55%
Management Fee 0.14% 0.00% 1.76% 7.27%
12b-1 Fee 0.00% 0.00% 1.00% 14.56%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

GCOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

GCOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

GCOR Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% N/A

GCOR - Distributions

Dividend Yield Analysis

GCOR Category Low Category High GCOR % Rank
Dividend Yield 3.96% 0.00% 10.11% 45.13%

Dividend Distribution Analysis

GCOR Category Low Category High Category Mod
Dividend Distribution Frequency None Annual Monthly Monthly

Net Income Ratio Analysis

GCOR Category Low Category High GCOR % Rank
Net Income Ratio 0.77% -1.28% 4.79% 93.39%

Capital Gain Distribution Analysis

GCOR Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

GCOR - Fund Manager Analysis

Managers

David Westbrook

Start Date

Tenure

Tenure Rank

Sep 08, 2020

1.73

1.7%

David is head of Stable Value Portfolio Management at GSAM. He is a member of both the Stable Value Executive Leadership and Management teams.  Prior to joining GSAM, David was a fixed income portfolio manager at Dwight, responsible for portfolio construction and risk management, as well as Treasury and Agency trading. While at Dwight, he also held roles in client relationship management, stable value portfolio management, and third-party manager selection and oversight. David earned a BS from the University of Vermont and is a member of the Vermont CFA Society.

Todd Henry

Start Date

Tenure

Tenure Rank

Dec 29, 2021

0.42

0.4%

Mr. Henry is a portfolio manager on the Fixed Income team within GSAM. He joined GSAM in 2012.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.77 1.16

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