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Disclaimer

Terms and Conditions for the Retail Informational Website for Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong")

This Website including without limitation the information, functions and documents herein (the “Contents”), are intended exclusively for investors residing in Hong Kong (“Hong Kong Investors”).  It is your responsibility to be aware of, to obtain all relevant regulatory approvals, licences, verifications and/or registrations under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with your entrance to this website. This Website and its Contents are made available on a confidential basis, for informational purposes only (the “Purpose”) and for the exclusive use of Hong Kong Investors. You undertake to keep this Website and its Contents as confidential and not to circulate the link to this Website or otherwise disclose any Contents to any third party. This Website is owned by Goldman Sachs Asset Management (Hong Kong) Limited, which is licensed by the Securities and Futures Commission (“SFC”) in the Hong Kong Special Administrative Region of the People's Republic of  China ("Hong Kong") pursuant to the Securities and Futures Ordinance (“SFO”) (Cap 571) (CE no: BFK567). This Website is administered by various companies within the Goldman Sachs Group, which shall collectively hereinafter be referred to as the "Firm".

You must read these Terms and Conditions for your own protection and benefit. When you have read the Terms and Conditions and provided you are entitled to view this Website according to these Terms and Conditions and any applicable laws and regulations, please click on the button below to acknowledge that you have read, understood and accept the Terms and Conditions and to proceed to the main part of the Website. If you are not a Hong Kong Investor or its authorised representative or if you are not in compliance with any of the provisions contained in the Terms and Conditions, you must not access this Website. You hereby represent that you understand and acknowledge that failure to comply with these Terms and Conditions may result in irreparable injury to the Firm for which monetary damages alone may not be an adequate remedy. You hereby agree that in the event of non-compliance with these Terms and Conditions you will indemnify and hold the Firm harmless against any liabilities (including all costs of investigation and defence) and other damages arising from any breach by you or by any of your delegates of these Terms and Conditions and the Firm may be entitled to specific performance and injunctive or other equitable relief as a remedy in addition to and not in lieu of any appropriate relief in the way of monetary damages.

The Contents are not intended to be accessed or used by any person or entity in any country or jurisdiction where this access or use is illegal or where the Firm will be under a legal obligation to register shares of any collective investment scheme or any offering of such shares. It is your responsibility to observe all applicable laws and regulations of any relevant jurisdiction.

CONTENTS NOT TO BE CONSTRUED AS A SOLICITATION, A RECOMMENDATION OR ADVICE

The funds referred to in this Website are authorized by the SFC for sale to the public in Hong Kong (the “Funds”). The SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits or performances of the scheme. It does not mean that the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. The material contained in this Website has not been reviewed by the SFC or any regulatory authority in Hong Kong.

Investment involves risk and may lose value. If you are considering making an investment, you are advised to obtain your own independent professional advice and to carefully consider all relevant risk factors. The price of units or shares and the income from them in relation to any investment may go down as well as up and any past performance is not indicative of future performance. The Firm does not guarantee the performance of the Funds.

An investment in the Funds often involves investing in international markets. In addition to the normal risks associated with investing, international investments involve the risk of losing all or part of any capital from unfavourable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. An investment in emerging markets also involves heightened other risks such as increased volatility and the possibility of lower trading volume.

Important information about the Funds is contained in the prospectus for the Funds which is available upon request from the Firm. BEFORE ACQUIRING THE SHARES OF ANY FUNDS BY PURCHASE OR EXCHANGE, IT IS YOUR RESPONSIBILITY TO READ THE FUNDS’ PROSPECTUS OR OFFERING MATERIALS, INCLUDING THE RISK FACTORS.

The Contents do not constitute an invitation to invest or a public offer of securities in the U.S., Hong Kong or elsewhere. The Contents are provided exclusively for the Purpose, at the Hong Kong Investor's request and they have not been prepared as an offer to trade any particular security referred in the Contents.

The Contents have been prepared for Hong Kong Investor informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and the Firm is not soliciting any action based upon them. The Contents are not to be construed as a recommendation or a representation about the suitability or appropriateness of any securities; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors. Many of the products described on this Website involve significant risks. Transactions should not be entered without a full understanding of all such risks and an appropriate independent determination that such transactions are appropriate. The Contents may include forward-looking statements which are based on the Firm's current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.  You should not construe any of the Contents as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice. The Firm will not treat users of this Website as its clients by virtue of them accessing it.

NON U.S. PERSON REPRESENTATION

The Contents are not available to U.S. persons or persons acting on their behalf. Therefore, you represent, warrant and covenant to the Firm that: (i) you are not acting for the account or benefit of a U.S. Person (as defined in Rule 902 of Regulation S under the U.S. Securities Act of 1933, as amended); (ii) you are not acting for the account or benefit of a person who is not a Non-United States Person (as defined in Rule 4.7 under the U.S. Commodity Exchange Act, as amended); (iii) you will not make the Contents available to, or offer or promote the sale of any interest in any securities to, any such U.S. Person or any person who is not such a Non-United States Person; and (iv) you will forthwith cease any use of the Contents for any purpose if any of the foregoing representations is no longer true.

DISCLAIMER OF WARRANTIES

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and/or estimates reflect a judgment at the original date of publication by the Firm and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this Website can fall as well as rise. Foreign currency denominated securities and financial instruments are subject to fluctuations in exchange rates that may have a positive or adverse effect on the value, price or income of such securities or financial instruments. Investors in securities, the values of which are influenced by currency volatility, effectively assume this risk. Valuations provided in the Website may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets and market liquidity, as well as other assumptions (which are subject to change without notice) and publicly available information. All assumptions and estimates should not be relied upon for any investment decision. The Firm does not represent that any transaction can or could have been effected at such valuations. Any valuations are provided as a courtesy and are intended solely for your analysis.

This Website is subject to periodic update and revision. The Firm believes that the Contents are accurate as at the date of publication, however the Firm does not warrant that such Contents are accurate, current, or complete and it should not be relied upon as such, without regard to the date on which you may access the information. The Firm maintains the right to delete or modify information on this Website without prior notice. The Firm may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this Website. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and the Firm is under no obligation to ensure that such reports are brought to your attention. The Firm makes no warranty whatsoever to you, express or implied, regarding the security of this Website.

BY ACCESSING THIS WEBSITE, YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE CONTENTS MADE AVAILABLE BY THE FIRM AND OUR THIRD PARTY PROVIDERS ARE ON AN "AS IS" BASIS, AND USED AT YOUR SOLE RISK. THE FIRM MAKES NO WARRANTY, EXPRESS OR IMPLIED, CONCERNING THIS WEBSITE. THE FIRM HEREBY EXPRESSLY DISCLAIMS TO THE EXTENT PERMITTED BY APPLICABLE LAW AND/OR REGULATION ALL WARRANTIES, EXPRESS, STATUTORY OR IMPLIED, REGARDING THIS WEBSITE AND ANY RESULTS TO BE OBTAINED FROM THE USE OF THIS WEBSITE, INCLUDING BUT NOT LIMITED TO ALL WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING AND/OR USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE APPLICABLE LAWS AND/OR REGULATIONS OF ANY JURISDICTION. THE FIRM DOES NOT WARRANT OR GUARANTEE THE ACCURACY, TIMELINESS, SUITABILITY, CORRECTNESS, QUALITY, RELIABILITY, COMPLETENESS OR AVAILABILITY OF THIS WEBSITE OR THE INFORMATION OR RESULTS OBTAINED FROM USE OF THIS WEBSITE, OR THAT THIS WEBSITE OR ITS CONTENTS OR RESULTS WILL BE FREE FROM ERROR.

UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF ANY APPLICABLE LAW AND/OR REGULATION, TORT, CONTRACT, STRICT LIABILITY OR OTHERWISE, SHALL THE FIRM BE LIABLE TO ANYONE FOR ANY LOSS OR DAMAGES ARISING OUT OF OR IN CONNECTION WITH THE ACCESS OF, USE OF OR BROWSING IN THE WEBSITE OR RESULTING FROM INABILITY TO ACCESS OR USE THIS WEBSITE REGARDLESS OF WHETHER THEY ARE DIRECT, INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES OF ANY CHARACTER, INCLUDING DAMAGES FOR TRADING LOSSES OR LOSS OF PROFITS, BUSINESS, GOODWILL OR REPUTATION, OR FOR ANY CLAIM OR DEMAND BY ANY THIRD PARTY, EVEN IF THE FIRM KNEW OR HAD REASON TO KNOW OF THE POSSIBILITY OF SUCH DAMAGES, CLAIM OR DEMAND.

INTELLECTUAL PROPERTY

All intellectual property rights related to the Contents, including the information, trademarks, service marks, text, materials, images, logos, photographs and illustrations on this Website and regarding the lay-out and design thereof (such intellectual property rights referred as the “Intellectual Property”) are the property of the Firm or have been licensed to the Firm by the owner(s) of those rights. None of the Contents, nor any copy of it, may be altered in any way (including, for the avoidance of doubt, any removal of any copyright, trademark or any other notices that are provided to you in connection with the Contents), transmitted to, copied or distributed to any other party, without the prior express written permission of the Firm. All trademarks, service marks and logos used on this Website are trademarks or service marks or registered trademarks or service marks of the Firm or other entities.

The Firm reserves the right, at any time and from time to time, in the interests of its own editorial discretion and business judgment to add, modify, or remove any of the Contents. These Terms and Conditions are not intended to, and will not, transfer or grant any rights in or to the Intellectual Property other than those which are specifically described herein, and all rights not expressly granted herein are reserved by the Firm or, where applicable, the third party providers from whom the Firm has obtained the Intellectual Property.

LINKED WEBSITES

The Website may contain addresses or hyperlinks which lead you out of this Website. The Firm has not reviewed any such websites to which this Website may link, and is not responsible for the content of any websites or pages linked to or linking from this Website. Such addresses or hyperlinks (including addresses or hyperlinks to the Firm’s own website material) are provided solely for your convenience and information. Accessing such websites or following such links to any other websites or pages shall be at your own risk. The Firm has not tested any information, software, or products found on any such websites and therefore, the Firm makes no representations concerning their content or sponsors, or the suitability or appropriateness of the products or transactions described therein. The inclusion within this Website of addresses or hyperlinks which lead you out of this Website does not constitute an endorsement, authorization, sponsorship, or affiliation by the Firm with respect to any websites, its owners, or its providers. These websites have not been reviewed by the SFC or any regulatory authority in Hong Kong.

MONITORING BY THE FIRM

Your use of this Website may be monitored by the Firm or its service providers, and the resultant information may be used by the Firm for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organization.

GOVERNING LAW AND JURISDICTION

The information provided on this Website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Firm or its affiliates to any registration requirement within such jurisdiction or country. Each investment product and service referred to on this Website is intended to be made available only to residents in Hong Kong.

These Terms and Conditions shall be governed by, and shall be construed in accordance with, the laws of Hong Kong. The courts of Hong Kong shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with these Terms and Conditions and, for such purposes, you agree to submit  to the jurisdiction of the courts of Hong Kong.  Each party hereby waives any objection which it might at any time have to the courts of Hong Kong being nominated as the forum to hear and determine any proceedings and to settle any disputes and agrees not to claim that the courts of Hong Kong are not a convenient or appropriate forum..

INDEMNITY

Without prejudice to the foregoing, you will keep the Firm indemnified and harmless with respect to any liabilities (including all costs of investigation and defence) and other damages that directly or indirectly may derive from the failure to comply with the Terms and Conditions hereunder, including but not limited to any liability or damage that directly or indirectly may derive from any use of the Website which is not in accordance with the Purpose and/or any breach of these Terms and Conditions.

You expressly acknowledge that you have checked and confirm that you: (i) are a Hong Kong Investor or an authorised representative of a  Hong Kong Investor; (ii) that you understand and accept the Terms and Conditions above and are legally entitled to view this Website; and (iii) understand that the information on the Website is not a promotion and that you will not treat it as such and that any information on the Website is not addressed specifically to you.

Should you not be a Hong Kong Investor or an authorised representative of a  Hong Kong Investor or should you not be in compliance with any of the Terms and Conditions, you must immediately discontinue from using the Website and refrain from accessing any pages of the Website.

中華人民共和國香港特別行政區(「香港」)零售資訊網站的條款及細則

本網站包括但不限於此處所載資料、功能及文件(「網站內容」),擬僅供居住於香港的投資者(「香港投資者」)使用。閣下有責任了解及取得與閣下訪問本網站有關的任何相關司法管轄區內的所有相關監管許可、牌照、查證及/或註冊,以及遵守該司法管轄區的所有適用法律和法規。本網站及其網站內容乃以保密形式提供,僅作參考之用(「用途」),並且僅供香港投資者使用。閣下須承諾對本網站及其網站內容保密,不會傳播本網站的鏈接或以其他方式向任何第三方披露任何網站內容。本網站乃由根據《證券及期貨條例》(「證券及期貨條例」)(第571章)在中華人民共和國香港特別行政區(「香港」)獲得證券及期貨事務監察委員會(「證監會」)許可的高盛資產管理(香港)有限公司(中央編號:BFK567)所有。本網站由高盛集團旗下多家公司管理,在下文統稱為「公司」。

出於對閣下自身的保護及利益著想,閣下必須閱讀該等條款及細則。當閣下已經閱讀條款及細則且在閣下有權根據該等條款及細則以及任何適用法律和法規瀏覽本網站的情況下,請點擊下面的按鈕以確認閣下已閱讀、理解並接受條款及細則,並進入本網站的主頁。倘若閣下並非香港投資者或其授權代表,或者閣下未遵守條款及細則的任何規定,閣下不得訪問本網站。閣下特此聲明,閣下理解並承認,不遵守該等條款及細則可能會對公司造成不可挽回的損害,僅金錢賠償可能不足以作為補救措施。閣下特此同意,倘若不遵守該等條款及細則,閣下將賠償由閣下或閣下之任何代表因違反該等條款及細則而導致公司產生的任何債務(包括所有的調查及辯護費用)及其他損失,並保障公司不受損害,公司可有權獲得强制履行、禁止令或其他同等救濟作為額外補充,且並不能替代金錢賠償形式的任何適當救濟。  

網站內容無意供任何國家或司法管轄區內的任何人士或實體訪問或使用,如訪問或使用網站內容在該等國家或司法管轄區屬違法,或將導致公司承擔登記任何集體投資計劃股份或發售該等股份的法律責任。閣下有責任遵守任何相關司法管轄區的所有適用法律和法規。

網站內容不得被理解為招攬、推介或建議

本網站所提述的基金已獲證監會認可在香港公開發售(「有關基金」)。證監會認可不等於對某計劃作出推介或認許,亦並非對該計劃的商業價值或表現作出保證,更不表示該計劃適合所有投資者,或認許該計劃適合任何特定投資者或特定類別的投資者。本網站所載的材料未經證監會或香港任何監管機構審閱。

投資涉及風險且可能招致損失。倘若閣下正在考慮投資,我們建議閣下自行取得獨立專業建議並仔細考慮所有相關風險因素。與任何投資相關的單位或股份價格及其收入可能下跌,亦可能上升,且任何過往表現並非對未來表現的指引。公司不保證有關基金的表現。

投資有關基金經常涉及投資國際市場。除一般投資風險外,國際投資亦會因貨幣價值的不利波動、公認會計原則的差異或其他國家的經濟或政治動盪,而承受損失全部或任何部分資金的風險。投資新興市場亦會增加其他風險,例如波動率增高及交易量較低的可能性。

有關基金的重要資料載於其基金章程,可於需要時向公司索取。在透過購買或交換獲得任何有關基金的股份之前,閣下有責任閱讀該有關基金的基金章程或發售材料,包括「風險因素」。

網站內容不構成在美國、香港或其他地方投資或公開發售證券的邀約。網站內容乃按香港投資者要求提供,僅供上述用途之用,編製該等內容並非作為買賣網站內容所提述的任何特定證券的要約。

網站內容乃為香港投資者編製,僅供其參考之用,並未考慮任何特定個人或實體的投資目標、財務狀況或方法,且公司亦並未基於此,招攬作出任何行動。網站內容不得被理解為對任何證券的合適性或適宜性的推介或聲明;或買賣要約;或買賣任何證券、金融產品或工具的要約招攬;或參與任何特定交易策略。若干交易(包括涉及期貨、期權及高收益證券的交易)會產生重大風險,並非適合所有投資者。本網站上所述的許多產品均涉及重大風險。在未全面了解所有有關風險,以及作出適宜的獨立決定認為交易屬適宜之前,閣下不應進行任何交易。網站內容可能包括基於公司當前投資觀點、預期及預測的前瞻性陳述。我們並無義務更新或修訂任何前瞻性陳述。實際結果可能與前瞻性陳述中的預期存在重大差異。閣下不應將任何網站內容理解為商業、金融、投資、對沖、交易、法律、監管、稅務或會計建議。公司不會因用戶訪問本網站而將其視為客戶。

非美國人士聲明

網站內容不向美國人士或其代表提供。因此,閣下向公司聲明、保證及承諾:(i)閣下並非為美國人士(定義見1933年《美國證券法》(經修訂)項下S規則第902條)的賬戶或為其利益行事;(ii)閣下並非為非美國人士(定義見《美國商品交易法》(經修訂)第4.7條)的賬戶或為其利益行事;(iii)閣下不會將網站內容提供予任何上述美國人士或任何並非上述非美國人士,或向該等人士發售或推銷任何證券中的任何權益;及(iv)倘若上述任何陳述不再適用,閣下須立即停止對任何網站內容的使用,無論出於任何目的。

免責聲明

過往表現不應作為對未來表現的指引或保證,以及並無對未來表現作出明示或隱含的表述或保證。意見及/或估計反映公司在最初發佈本網站日期的判斷,並可能隨時變更,恕不另行通知。本網站提及的任何證券或金融工具的價格、價值及收入均可能出現漲跌。外幣計價證券及金融工具受可能對該等證券或金融工具的價值、價格或收入產生正面或負面的匯率波動影響。價值受貨幣波動影響的證券的投資者實際上承擔了此風險。本網站提供的估值可能基於多種因素,包括但不限於目前報價、相關資產估值及市場流動性,以及其他假設(可能隨時更改,恕不另行通知)及公開可得的資料。任何投資決策都不應依賴所有假設及估計。公司並無表示任何交易可以或可能以該等估值實施。任何估值為善意提供,僅供閣下分析之用。

公司會對本網站進行定期更新及修訂,並相信網站內容截至發佈日止準確無誤。然而,公司並不就網站內容的準確性、實時性或完備性作出保證,因此不應在未考慮閣下訪問有關資料的日期的情況下倚賴網站內容。公司保留在不事先通知的情況下刪除或修改本網站資料的權利。公司可能已發佈與本網站所示資料不一致及所得結論存在差異的其他報告。該等報告反映編製報告的分析師的不同假設、觀點及分析方法,公司沒有義務確保閣下注意此類報告。公司並無就本網站的安全性向閣下作任何明示或隱含的保證。

訪問本網站,即表示閣下明確承認並同意,公司及我們第三方提供商所提供的網站內容均按「現狀」基準提供,並由閣下自行承擔使用風險。公司並無就本網站作任何明示或隱含的擔保。公司特此明確表示,在適用法律及/或法規准許的範圍內,並無就本網站及透過使用本網站獲取的任何結果作出任何明示、法定或隱含的保證,包括但不限於對特定用途或使用的適銷性、適當性的任何保證,以及任何司法管轄區的適用法律及/或法規下的履行過程、交易過程及/或交易使用或同等情況產生的任何保證。公司不保證或擔保本網站或透過使用本網站獲取的資料或結果的準確性、及時性、合適性、正確性、質素、可靠性、完備性或可用性,或本網站或其網站內容或結果不會出現錯誤。

在任何情況下根據任何適用法律及/或法規、侵權行為、合同、嚴格責任或其他約定,公司概不對於因訪問、使用或瀏覽本網站或因無法訪問或使用本網站而產生的,或與之相關的任何損失或損害向任何人承擔任何責任,無論該等損失或損害是否屬於直接、間接、特殊、偶然或後果性的,其中包括交易損失或利潤、業務、商譽或聲譽損失,或任何第三方提出的任何索償或索求,即使公司已知悉或有理由知悉該等損害、索償或索求的可能性。

知識產權

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These materials (“Goldman Sachs Asset Management Content”) are being provided on the express basis that they and any related communications (whether written or oral) will not cause the Goldman Sachs Asset Management Division (or any affiliate) (collectively, “Goldman Sachs Asset Management”) to become an investment advice fiduciary under ERISA or the Internal Revenue Code, as the recipients are fully aware that Goldman Sachs Asset Management (i) is not undertaking to provide impartial investment advice, make a recommendation regarding the acquisition, holding or disposal of an investment, act as an impartial adviser, or give advice in a fiduciary capacity, and (ii) has a financial interest in the offering and sale of one or more products and services, which may depend on a number of factors relating to Goldman Sachs Asset Management’s (and its affiliates’) internal business objectives, and which has been disclosed to the recipient. These materials are also being provided on Goldman Sachs Asset Management’s understanding that the recipients they are directed to are all financially sophisticated, capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. If this is not the case, we ask that you inform us immediately. You should consult your own separate advisors before making any investment decisions.

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Australia: When this document is disseminated in Australia by Goldman Sachs & Co. LLC ("GSCO"), Goldman Sachs International ("GSI"), Goldman Sachs Bank Europe SE ("GSBE"), Goldman Sachs (Asia) L.L.C. ("GSALLC"), or Goldman Sachs (Singapore) Pte ("GSSP") (collectively the "GS entities"), this document, and any access to it, is intended only for a person that has first satisfied the GS entities that:

  • the person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act of Australia; and
  • the person is a wholesale client for the purpose of section 761G of the Corporations Act of Australia.
  • To the extent that the GS entities are providing a financial service in Australia, the GS entities are each exempt from the requirement to hold an Australian financial services licence for the financial services they provide in Australia. Each of the GS entities are regulated by a foreign regulator under foreign laws which differ from Australian laws, specifically:
  • GSCO is regulated by the US Securities and Exchange Commission under US laws;
  • GSI is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under UK laws;
  • GSBE is subject to direct prudential supervision by the European Central Bank and in other respects is supervised by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufischt, BaFin) and Deutsche Bundesbank;
  • GSALLC is regulated by the Hong Kong Securities and Futures Commission under Hong Kong laws; and
  • GSSP is regulated by the Monetary Authority of Singapore under Singapore laws.

When this document is disseminated in Australia by Goldman Sachs Asset Management Australia Pty Ltd (“GSAMA”) ABN 41 006 099 681, AFSL 228948, this document, and any access to it, is intended only for a person that has first satisfied GSAMA that:

  • the person is a Sophisticated or Professional Investor for the purposes of section 708 of the Corporations Act of Australia; and
  • the person is a wholesale client for the purpose of section 761G of the Corporations Act of Australia.

To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), Goldman Sachs Asset Management, LP (GSAMLP) or Goldman Sachs & Co. LLC (GSCo). Both GSCo and GSAMLP are regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. Both GSI and GSAMI are regulated by the Financial Conduct Authority and GSI is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. GSI, GSAMI, GSCo, and GSAMLP are all exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by GSI, GSAMI, GSCo or GSAMLP by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100.

No offer to acquire any interest in a fund or a financial product is being made to you in this document.  If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act.  GSAMA holds Australian Financial Services Licence No. 228948.  Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

New Zealand: When this document is disseminated in New Zealand by Goldman Sachs & Co. LLC ("GSCO"), Goldman Sachs International ("GSI"), Goldman Sachs Bank Europe SE ("GSBE"), Goldman Sachs (Asia) L.L.C. ("GSALLC") or Goldman Sachs (Singapore) Pte ("GSSP") (collectively the "GS entities"), this document, and any access to it, is intended only for a person that has first satisfied; the GS entities that the person is someone:

(i) who is an investment business within the meaning of clause 37 of Schedule 1 of the Financial Markets Conduct Act 2013 (New Zealand) (the "FMC Act");

(ii) who meets the investment activity criteria specified in clause 38 of Schedule 1 of the FMC Act;

(iii) who is large within the meaning of clause 39 of Schedule 1 of the FMC Act; or

(iv) is a government agency within the meaning of clause 40 of Schedule 1 of the FMC Act.

No offer to acquire the interests is being made to you in this document. Any offer will only be made in circumstances where disclosure is not required under the Financial Markets Conducts Act 2013 or the Financial Markets Conduct Regulations 2014.

When this material is disseminated in New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (’GSAMA’) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978, fall within the definition of a wholesale client for the purposes of the Financial Service Providers (Registration and Dispute Resolution) Act 2008 (FSPA) and the Financial Advisers Act 2008 (FAA),and fall within the definition of a wholesale investor under one of clause 37, clause 38, clause 39 or clause 40 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) of New Zealand (collectively, a “NZ Wholesale Investor”). GSAMA is not a registered financial service provider under the FSPA. GSAMA does not have a place of business in New Zealand. In New Zealand, this document, and any access to it, is intended only for a person who has first satisfied GSAMA that the person is a NZ Wholesale Investor.  This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAMA.

To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), Goldman Sachs Asset Management, LP (GSAMLP) or Goldman Sachs & Co. LLC (GSCo). Both GSCo and GSAMLP are regulated by the US Securities and Exchange Commission under US laws, which differ from Australian laws. Both GSI and GSAMI are regulated by the Financial Conduct Authority and GSI is authorized by the Prudential Regulation Authority under UK laws, which differ from Australian laws. GSI, GSAMI, GSCo, and GSAMLP are all exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences. Any financial services given to any person by GSI, GSAMI, GSCo or GSAMLP by distributing this document in Australia are provided to such persons pursuant to ASIC Class Orders 03/1099 and 03/1100.

No offer to acquire any interest in a fund or a financial product is being made to you in this document.  If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act.  GSAMA holds Australian Financial Services Licence No. 228948.  Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

Canada: This presentation has been communicated in Canada by Goldman Sachs Asset Management LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. Goldman Sachs Asset Management LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd. or Goldman Sachs Japan Co., Ltd.

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Goldman Sachs Funds are distributed by Goldman Sachs & Co. LLC. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Goldman Sachs & Co. LLC. is a member of FINRA. FINRA's BrokerCheck

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

Diversification does not protect an investor from market risk and does not ensure a profit.

Investment in the Funds involves risks, including possible loss of the principal amount invested.

Investment returns and principal value of an investment will fluctuate and will be subject to market volatility so that it may be worth more or less than the original cost.

Exchange-Traded Funds are subject to risks similar to those of stocks. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

ETF shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.

INVESTMENTS ARE NOT FDIC INSURED, MAY LOSE VALUE AND ARE NOT BANK GUARANTEED.

 

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