Sources: Goldman Sachs Asset Management and BloombergNEF. Data as of October 31, 2023.
1
IRENA’s World Energy Transitions Outlook: 1.5°C Pathway.
2
Expectation provided by EIA’s 2021 International Energy Outlook. The economic and
market forecasts presented herein arefor informational purposes as of the date of this presentation. There can be no assurance that the forecasts will be achieved.Please see additional disclosuresat the end of this presentation.
•
•
•
•
•
•
•
•
•
Sources: Goldman Sachs Asset Management and BloombergNEF. Data as of October 31, 2023.
1
Peer average defined by the net expense ratio of the five largest clean energy ETFs by assets. Total Annual Fund Operating Expenses (%) 0.45%,
Please note the figures shown above is the unitary management fee. Under the management fee for GCLN, Goldman Sachs Asset Management LP., the Fund’s investment adviser, is responsible for paying substantially all the expenses of the
Fund, excluding the payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding sha reholder meetings, litigation, indemnification and extraordinary expenses. There
is no guarantee that objectives will be met.
1
Sources: Goldman Sachs Asset Management and BloombergNEF. Data as of October 31, 2023. Goldman Sachs Global Clean Energy Index (BGSCEN). WilderHill New Energy Global Innovation Index (NEXUST). S&P Global Clean Energy Index
(SPGTCED). WilderHill Clean Energy Index (ECOTR). NASDAQ Clean Edge Green Energy Index (CELSN). CIBC Atlas Clean Energy Index (NACEXT).
1
Clean energy enablers are companies, identified by BloombergNEF, that are capitalizing on the
opportunities created by the decarbonization of energy and industrial processes. These include, but are not limited to, companies that are active and impactful in the following sectors: clean power, solar, wind, digitalization, bioenergy,
hydrogen, energy storage and network developers. For illustrative purposes only. For illustrative purposes only. Diversification does not protect an investor from market risk and does not ensure a profit.
206
109
103
77
64
44
Sources: Goldman Sachs Asset Management and Bloomberg. Data as of October 31, 2023. GCLN’s Index, The Bloomberg Goldman Sachs Global Clean Energy Total Return Index (BGSCET), was incepted on October 27, 2021. Past performance
does not guaranteefuture results, whichmay vary. One cannot invest directly in an index.
Definitions:
“Transitioning” Clean Energy Companies: Companies that are shifting their business model away from fossil fuels to
focus primarily on renew ableenergy .
Net zero: A state in which the greenhouse gases going into the atmosphere are balanced by removal out of the
atmosphere.
Clean energy enablers: Companies, identified by BloombergNEF, that are capitalizing on the opportunities created by
the decarbonization of energy and industrial processes. These include, but a re not limited to, companies that are active
and impactful in the following sectors: clean power, solar, wind, digitalization, bioenergy, hydrogen, energy storage
and network developers.
Bloomberg G oldman Sachs Global Clean Energy Index (BGSCEN) is designed to deliver exposure to companies that are
expected to have a significant impact on energy decarbonization through their exposure to clean energy which
includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy,
wind energy, energy storage, hydrogen energy, energy di gitalization and bioenergy. The Index is a free float-adjusted
market capitalization-weighted index designed to identify relevant companies using curated data acquired from a
variety of sources by Bloomberg Professional Services (the “Index Provider”). One cannot invest directly in an index.
CIBC Atlas Clean Energy Total Return Index (NACEXT) is an adjusted market cap weighted index designed to provide
exposure to a diverse set of U.S. or Canadian based companies involved in the clean energy sector including renewables
and clean technology.
NASDAQ Clean Edge Green Energy Index (CELS) a modified market capitalization weighted index designed to track the
performance of clean-energy companiesthat are publicly traded in the U.S.
S&P Global Clean Energy Index (SPGTCED) is designed to measure the performance of companies in global clean
energy-r elatedbusinesses from both developed andemerging markets, with a targe t constituent count of 100.
WilderHill Clean Energy Index (ECO) is a modified equal dollar weighted index comprised of publicly traded companies
whose business's stand to benefit substantially from societal transition toward the use of cleaner energy and
conservation. The index benchmark value is 100.00 at the close of trading on December 30, 2002.
WilderHill New Energy Global Innovation Total Return Index (NEXUST) in USD is a modified equal-dollar weighted index
of publicly traded companies which are active in renewable and low-carbon energy, and which stand to benefit from
responses to climate change and energy security concerns.
General Disclosures:
The Goldman Sachs Bloomberg Clean Energy Equity ETF (the “Fund”) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the Bloomberg Goldman Sachs Global Clean Energy Index
(the “Index”), which delivers exposure to companies that are expected to have a significant impact on energy
decarbonization through their exposure to clean energy. 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. Foreign and emerging markets
investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of
currency fluctuations and adverse social, economic or political developments. Because the Fund may have significant
investments in the clean energy sector, the Fund is subject to risk of loss as a result of adverse economic, business or
other developments affecting industries within that sector. The securities of mid- and small-capitalization
companies involve greater risks than those associated with larger, more established companies and may be subject to
more abrupt or erratic price movements. 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, the index provider nor the investment adviser
can guarantee the accuracy of the methodology’s valuation of securities or the availability or timeliness of the
production of the Index. Performance may vary substantially from the performance of the Index as a result of
transaction costs, expenses and other factors.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO
ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFULTO DO SO.
Views a nd opinions e xpressed are for informational purposes only and do not constitute a recommendation by
Goldman Sachs Asset Management to buy, sell, or hold any se curity. Views and opinions are current as of the date of
this presentation and may be subject to change, they should not be construed as investmentadvice.
This information discusses general market activity, industry or sector trends, or other br oad-based economic, market
or political conditions and should n ot be construed as research or investment advice. This material has been prepared
by Goldman Sachs A sset Management and is not financial research nor a product of Goldman Sachs Global Investment
Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the
independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial
research. The views and opinions expressed may differ fro m those of Goldman Sachs Global Investment Research or
other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial
advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset
Management has no obligation to pr ovide any updates or changes.
Given the Fund’s investment objective of attempting to track its 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.
“Bloomberg®” and the Bloomberg Goldman Sachs Global Clean Energy Index (the “Index”) a re service marks of
Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the
index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by Goldman Sachs. “Goldman
Sachs®” is a trademark of Goldman Sachs and has been licensed by Bloomberg for use in the name of the Index.
Bloomberg is not affiliated with Goldman Sachs, and Bloomberg does n ot approve, endorse, review, or recommend
Goldman Sachs Bloomberg Clean Energy ETF (the “ETF”). Bloomberg does not guarantee the timeliness, accurateness,
or completeness of any data or information relating to the ETF.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is una ffiliated with
Goldman Sachs Asset Management andBloomberg.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy,
completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and
completeness of all information available from public sources.
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this
presentation and are subject to change without notice. These forecasts do not take into account the specific
investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary
and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual
performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible
outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may
change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or
changes to these forecasts. Case studies and examples are for illustrative purposes only.
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 informationabout 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”
ALPS Control: GST2304 ED 11/6/2024
ComplianceCode : 343305-OTU-1909148
Date of first use: 11/06/2023
