Goldman Sachs Asset Management Announces Updated Timeline for Liquidation of Goldman Sachs Defensive Equity ETF
28 Junio 2024 - 3:05PM
Business Wire
Goldman Sachs Asset Management (“GSAM”), the investment adviser
for the Goldman Sachs Defensive Equity ETF (the “Fund”), is
updating the plan of liquidation (the “Plan”) for the Fund. Under
the Plan, which was originally announced June 12th, 2024, the Fund
will begin the process of liquidating portfolio assets and
unwinding its affairs in an orderly fashion over time. The Plan is
not subject to shareholder approval.
Under the updated timeline, shareholders of the Fund may sell
their shares on the Fund’s listing exchange, NYSE Arca, Inc. (“NYSE
Arca”), until market close on July 3, 2024 and may incur
transaction fees from their broker-dealer. The Fund’s shares will
no longer trade on NYSE Arca after market close on July 3, 2024,
and the shares will subsequently be de-listed. Shareholders who
continue to hold shares of the Fund on the Fund’s liquidation date,
which is expected to be on or about July 8, 2024, will receive a
liquidating distribution of cash in the cash portion of their
brokerage accounts equal to the amount of the net asset value of
their shares. For tax purposes, shareholders will generally
recognize a capital gain or loss equal to the amount received for
their shares over their adjusted basis in such shares. The Fund
will stop accepting creation orders from Authorized Participants on
July 3, 2024.
About Goldman Sachs Asset
Management
Bringing together traditional and alternative investments,
Goldman Sachs Asset Management provides clients around the world
with a dedicated partnership and focus on long-term performance. As
the primary investing area within Goldman Sachs (NYSE: GS), we
deliver investment and advisory services for the world’s leading
institutions, financial advisors and individuals, drawing from our
deeply connected global network and tailored expert insights,
across every region and market – overseeing more than $2.56
trillion in assets under supervision worldwide as of March 31,
2024.1 Driven by a passion for our clients’ performance, we seek to
build long-term relationships based on conviction, sustainable
outcomes, and shared success over time. Follow us on LinkedIn.
Goldman Sachs does not provide accounting, tax or legal
advice.
© 2024 Goldman Sachs All rights reserved
NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT
INSURED BY ANY GOVERNMENT AGENCY.
GS Defensive Equity ETF (GDEF) began as the GS Defensive
Equity Fund, an open-end mutual fund which had operated since
September 30, 2020. Effective as of the close of business on
January 20, 2023, GDEF acquired its assets and liabilities, and
assumed its NAV performance, financial and other historical
information. There were no changes to the investment strategy or
objective of the Fund.
The Goldman Sachs Defensive Equity ETF (the “Fund”) seeks
long-term growth of capital with lower volatility than equity
markets. The Fund is an actively managed exchange-traded fund. The
Fund typically invests in equity investments in U.S. issuers with
public stock market capitalizations within the range of the market
capitalization of the S&P 500® Index at the time of investment
and other instruments with similar economic exposures. The Fund
will also employ a “Put Spread Collar” overlay strategy, which is
designed to provide the Fund with some downside protection, whereby
the Fund simultaneously purchases a put while selling (writing) a
call and put on the same index. The Fund’s investments are subject
to market risk, which means that the value of the securities
in which it invests may go up or down in response to the prospects
of individual companies, particular sectors or governments and/or
general economic conditions. The Fund’s options-based overlay
strategy may not fully protect it against declines in the value
of the market and may cause the Fund to underperform during a
rising market. In addition, the Fund is subject to the risks
associated with writing (selling) call options, which limits
the opportunity to profit from an increase in the market value of
stocks in exchange for up-front cash at the time of selling the
call option. The Fund may have a high rate of portfolio
turnover, which involves correspondingly greater expenses which
must be borne by the Fund, and is also likely to result in
short-term capital gains taxable to shareholders. Any guarantee on
U.S. government securities applies only to the underlying
securities of the Fund if held to maturity and not to the value of
the Fund’s shares. The Fund may invest in derivative instruments,
including futures, options on futures, and swaps. Derivative
investments may involve a high degree of financial risk. These
risks include the risk that a small movement in the price of the
underlying security or benchmark may result in a disproportionately
large movement, unfavorable or favorable, in the price of the
derivative instrument; risk of default by a counterparty; and
liquidity risk. Different investment styles (e.g.,
“quantitative”) tend to shift in and out of favor, and at times the
Fund may underperform other funds that invest in similar asset
classes.
Fund 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. Brokerage commissions will
reduce returns.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs
ETFs. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs
Asset Management.
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.
The Investment Company Act of 1940 (the “Act”) imposes certain
limits on investment companies purchasing or acquiring any security
issued by another registered investment company. For these purposes
the definition of “investment company” includes funds that are unregistered because
they are excepted from the
definition of investment company by sections 3(c)(1) and 3(c)(7) of
the Act. You should consult your legal counsel for more
information.
ALPS Control: GST 2628 Compliance Code: 377606-OTU-2059714 Date
of first use: 06/28/2024 31544364
1 Assets Under Supervision (AUS) includes assets under
management and other client assets for which Goldman Sachs does not
have full discretion. AUS figure as of March 31, 2024.
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