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more established companies and may be subject to more abrupt or erratic price movements.

be sure to read and understand the current Options Disclosure Document entitled

case studies and examples are for illustrative purposes only.

the difference between advisory and brokerage accounts

including the risk of total loss of an investor’s capital and the use of leverage

Inc. As a broker dealer regulated by the Securities and Exchange Commission (“SEC”)

and other regulatory requirements designed to protect customer assets. Other subsidiaries of The Goldman Sachs Group

dividends and the underlyer. The difference may

including political and economic conditions

and the small size of the securities markets in such countries coupled with a low volume of trading

and such tax treatment could be disadvantageous to certain types of retirement accounts or charitable entities.

involve risk and are not suitable for all investors. Investors in structured investments assume the credit risk of the issuer or

as they contain this and other relevant information. You may

ETFs can trade at a discount or premium to the net asset value and are not directly redeemable by the fund. Leveraged or inverse ETFs

and should not be taken as an indication or