The Goldman Sachs Group Inc. ( NYSE GS) moment blazoned that it plans to enlist its GS Connect TM S&P GSCI ® Enhanced Commodity Total Return Strategy Index ETN ( ticker GSC; IIV ticker GSCIV) ( the “ GSC ETN ”) from NYSE Arca.
GS FinanceCorp., a wholly possessed attachment of The Goldman Sachs Group,Inc., moment blazoned that it plans to enlist its Claymore CEF Index- Linked GS ConnectSM ETN( ticker GCE; IIV ticker GCEIV)( the “ GCE ETN ” and, together with the GSC ETN, the “ ETNs ”) from NYSE Arca.
The applicable issuer of every ETN is proposing to that removing decision from NYSE Arca due to poor situations of trading to nethermost line exertion in the ETNs.
The GSC ETN was firstly issued by The Goldman Sachs Group,Inc. on May 8, 2007 and, presently, roughly$3.49 million in aggregate reflective value of the GSC ETN is held by the public( grounded on the ending leg- suitable value for August 10, 2020 of$15.29). The GCE ETN was firstly listed by GS FinanceCorp. on December 11, 2007 and, presently, roughly$1.70 million in aggregate reflective value of the GCE ETN is held by the public( grounded on the ending reflective value for August 10, 2020 of$14.77).
Delisting is anticipated to held at the close of trading on August 31, 2020. Following the delisting, the ETNs will stay outstanding, though they will no longer deal on any public securities exchange. At similar point, the ETNs will trade, if at each, on an untoward base.
New admeasurements of each of the GSC ETN and the GCE ETN have been discontinued( as blazoned on June 9, 2015 and August 13, 2019, independently). After the delisting, the secondary exchange for these ETNs may witness a significant drop in liquidity and ETN holders may not be suitable to trade or vend them fluently.
With respect to each of the ETNs, the ETN holders ’ option to bear the applicable issuer to redeem the ETNs on a daily redemption date( subject to the terms and conditions set forth in the prospectus, as amended or supplemented from time to time, relating to similar ETN) won't be affected by the delisting.
To give liquidity to those ETN holders who wish to exit their positions in the ETNs, the minimal redemption size for each ETN has been waived, on a endless and irrevocable base, effective incontinently.
ETN holders could lose a substantial portion and perhaps all of their investment in the ETNs. The market value of an ETN holder’s ETNs may be influenced by many factors that are unpredictable and interrelated in complex ways.
It's possible that this advertisement and the posterior delisting of the ETNs may negatively affect the request value and liquidity of the ETNs in the secondary request and may beget the ETNs to trade at a decoration or reduction in relation to their intraday reflective values.
Paying a decoration purchase price over the intraday reflective value of the ETN could lead to a loss on the putting plutocrat for return indeed if the indicator to which the ETN is linked increases in value.
In addition, if investors handpick to redeem their ETN, any redemption would be at the early redemption quantum and would not include any decoration above that quantum.
Neither The Goldman Sachs Group,Inc. nor GS FinanceCorp. can prognosticate with certainty what impact, if any, these events will have on the request values or liquidity of the ETNs. Following the delisting, ETN holders may not be suitable to vend their ETNs or may have to vend their ETNs at a blinked trade price mainly below their intraday reflective value or ending reflective price.
For further news on pitfalls associated with the ETNs, please see the threat factors included in the applicable prospectus, as amended or supplemented from time to time. The prospectuses relating to the ETNs can be penetrated on the website of the Securities and Exchange Commission at www.sec.gov.
The “S&P GSCI” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by Goldman Sachs. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs.
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The GS Connect ™ S&P GSCI ® Enhanced Commodity Total Return Strategy Index ETN( “ ETN ”) isn't backed, championed, vended or promoted by SPDJI, Dow Jones, S&P, or their separate cells, and none of similar parties make any representation regarding the desirability of investing in similar ETN nor do they've any liability for any crimes, deletions, or interruptions of the S&P GSCI.