Market Overview

Goldman Sachs Asset Management Launches Treasury Inflation-Protected Securities Exchange-Traded Fund


Goldman Sachs Access Inflation Protected USD Bond ETF (BATS:GTIP)
Offers Smart Beta Exposure to Bond Markets

GSAM today announced the launch of GTIP, an exchange-traded fund ("ETF")
that seeks to offer smart beta exposure to treasury inflation-protected
securities ("TIPS"). GTIP is competitively priced to investors at 12
basis points and is GSAM's fourth Access fixed income ETF.1

"In an inflationary economic environment, GTIP provides investors with a
potential hedge through its innovative screening approach to TIPS
bonds," said Michael Crinieri, GSAM's Global Head of ETF Strategy. "The
addition of GTIP further highlights the mission of our Access ETF
lineup, providing investors with lower-cost bond funds."

GTIP seeks to track the FTSE Goldman Sachs Treasury Inflation Protected
USD Bond Index, owned and calculated by FTSE Fixed Income LLC (the
"Index Provider" or "FTSE") using concepts developed with GSAM. The
Index uses a transparent, rules-based methodology, designed to measure
the performance of bonds that meet certain liquidity and issuance

"TIPS present an attractive diversification opportunity for many
investors with relatively low correlations to other major asset
classes," said Jason Singer, portfolio manager for GTIP. "We are excited
to extend our Access ETF lineup and provide investors with a smarter,
more systematic way to invest in the bond market."

GTIP will be passively managed by GSAM's Global Fixed Income team, whose
deep market expertise and extensive resources will aid in trade
execution and optimizing portfolio construction.2

"Our continued relationship with GSAM and the launch of their latest ETF
showcase our focus on developing innovative indices that balance risk in
a systematic manner," said Jayni Kosoff, Managing Director, US FI Index
Sales, FTSE Russell.

GSAM ETF Background

  • GSAM started offering ETFs in September 2015 with the launch of the
    Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
    (ARCA:GSLC). It now has 13 ETFs with over $10.0 billion in assets
    under management as of October 2, 2018.
  • GSAM began offering fixed income ETFs in September 2016 with the
    launch of the Goldman Sachs Access Treasury 0-1 Year ETF (Ticker: GBIL).3 GSAM's fixed income ETF suite now includes four
  • GSAM's complete Access ETF suite is below:
Fund Name       Ticker     List Date     Total Expense Ratio (basis points)
Goldman Sachs Access Treasury 0-1 Year ETF3       GBIL     9/8/16     12
Goldman Sachs Access Inflation Protected USD Bond ETF4       GTIP     10/4/18     12
Goldman Sachs Access Investment Grade Corporate Bond ETF5       GIGB     6/8/17     14
Goldman Sachs Access High Yield Corporate Bond ETF6      


    9/7/17     34

GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which supervises $1.30 trillion in assets as of 6/30/18.7
Goldman Sachs Asset Management has been providing discretionary
investment advisory services since 1988 and has investment professionals
in all major financial centers around the world. The company offers
investment strategies across a broad range of asset classes to
institutional and individual clients globally. Founded in 1869, Goldman
Sachs is a leading global investment banking, securities and investment
management firm that provides a wide range of financial services to a
substantial and diversified client base that includes corporations,
financial institutions, governments and high-net-worth individuals.

1 Source: GSAM and Morningstar as of September 30, 2018. The
Goldman Sachs Access Inflation Protected USD Bond ETF expense ratio is
12 basis points (bps).The average net expense ratio for
Inflation-Protected Bond ETFs in the Morningstar Inflation-Protected
Bond category is 15 bps, and average mutual funds, I-Shares only, is 46
bps. Category expense ratios represent category averages for all funds
in the Inflation-Protected Bond category as defined by Morningstar. In
an effort to distinguish funds by what they own, as well as by their
prospectus objectives and styles, Morningstar developed the Morningstar
Categories. While the prospectus objective identifies a fund's
investment goals based on the wording in the fund prospectus, the
Morningstar Category identifies funds based on their actual investment
styles as measured by their underlying portfolio holdings (portfolio and
other statistics over the past three years). Please note the figures
shown above are the unitary management fees. Ordinary brokerage
commissions apply. Brokerage commissions will reduce returns.

2 The team utilizes 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

3 GBIL Total Annual Fund Operating Expenses (%): 0.12%.
GBIL is not a money market fund and does not attempt to maintain a
stable net asset value.
The expense ratios of the Fund do not have a
fee waiver and expense limitation. The Net and Gross expense ratios will
be the same.

4 GTIP Total Annual Fund Operating Expenses (%): 0.12%.
GTIP is not a money market fund and does not attempt to maintain a
stable net asset value.
The expense ratios of the Fund do not have a
fee waiver and expense limitation. The Net and Gross expense ratios will
be the same.

5 GIGB Total Annual Fund Operating Expenses (%): 0.14%. The
expense ratios of the Fund do not have a fee waiver and expense
limitation. The Net and Gross expense ratios will be the same.

6 GHYB Total Annual Fund Operating Expenses (%):
The expense ratios of the Fund do not have a fee waiver and
expense limitation. The Net and Gross expense ratios will be the same.

7 Assets Under Supervision (AUS) includes assets under
management and other client assets for which Goldman Sachs does not have
full discretion.


The Goldman Sachs Access Inflation Protected USD Bond ETF (the
"Fund") seeks to provide investment results that closely correspond,
before fees and expenses, to the performance of the FTSE Goldman Sachs
Treasury Inflation Protected USD Bond Index (the "Index"), which is
designed to track the performance of inflation-protected, fixed rate
U.S. Treasury Securities denominated in U.S. dollars that meet certain
screening criteria. The Fund's investments are subject to the risks
associated with debt securities generally, including credit,
liquidity, interest rate, call and extension risk
. U.S. Treasury
Inflation protected securities ("TIPS")
are fixed income securities
issued by the U.S. Treasury whose interest and principal payments are
periodically adjusted according to the rate of inflation. The value
generally fluctuates in response to inflationary concerns.
Because the Fund may concentrate its investments in an industry
or group of industries to the extent that the Index is concentrated, the
Fund may be subject to greater risk of loss as a result of adverse
economic, business or other developments affecting that industry or
group of industries. The Fund is not actively managed, and
therefore the Fund will not generally dispose of a security unless the
security is removed from the Index. The Index calculation methodology
may rely on information based on assumptions and estimates and neither
the Fund nor its investment adviser can guarantee the accuracy of the
methodology's assessment of included issuers. Performance may vary
substantially from the performance of the Index
as a result of
transaction costs, expenses and other factors.

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.

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
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.

Diversification does not eliminate the risk of experiencing investment

GTIP is newly organized and does not have an operating history. Certain
funds are recently organized and do not have a substantial operating

Smart beta refers to quantitative index-based strategies. Transparency
allows investors to view their portfolio holdings on a daily basis.
Basis points (bps)
are equal to .01% (or 1/100th) of a percent.

Index Disclosures:

The Fund has been developed solely by GSAM. The Fund is not in any way
connected to or sponsored, endorsed, sold or promoted by the London
Stock Exchange Group plc and its group undertakings (collectively, the
"LSE Group"). FTSE Russell is a trading name of certain of the LSE Group

All rights in the Index vest in the relevant LSE Group company which
owns the Index. FTSE® is a trade mark of the relevant LSE
Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its
affiliate, agent or partner. The LSE Group does not accept any liability
whatsoever to any person arising out of (a) the use of, reliance on or
any error in the Index or (b) investment in or operation of the Fund.
The LSE Group makes no claim, prediction, warranty or representation
either as to the results to be obtained from the Fund or the suitability
of the Index for the purpose to which it is being put by GSAM.

"Goldman Sachs" is a trademark owned by Goldman Sachs and is registered
in the US and other countries. The Goldman Sachs trademark is being used
by FTSE Fixed Income under license from Goldman Sachs. With respect to
the Index, Goldman Sachs and its affiliates are in no way related or
connected to or affiliated with FTSE Fixed Income other than as a
licensee. Goldman Sachs does not own, maintain or participate in the
calculation of the Index. Neither Goldman Sachs, nor its affiliated
companies make any representation or warranty, express or implied to any
member of the public regarding the ability of the Index to track general
market performance. Data and information contained herein regarding the
Index is proprietary to FTSE Fixed Income or its licensors, and
reproduction of such data and information is prohibited except with the
prior written permission of FTSE Fixed Income.

Please note that one may not invest directly into an index.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETFs.
ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset
Management and FTSE Fixed Income LLC.

Please consider a Fund's objectives, risks, and charges and expenses,
and read the summary prospectus, if available, and the Prospectus
carefully before investing. 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

Compliance code: 144354-TMPL-10/2018-841630 Date of first use: 10/4/2018.

ALPS Control: GST 756 ED 10/4/2019.

© 2018 Goldman Sachs. All rights reserved.


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