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      "text": "Call and Put Options Risks—The market price of the security underlying a call or put option may decrease below, or increase above, as applicable, the purchase price of the underlying security.\nFailure of Brokers, Clearing Houses, Counterparties and Exchanges Risks—An Advisory Account will be exposed to the credit risk of the counterparties with which, or the brokers, clearing houses, dealers, exchanges and other trading platforms through which, it deals.\nForward Contracts Risks—Investment in forward contracts, which are generally not regulated and are not subject to limitations on daily price moves, may involve counterparty credit risk and default risk.\nFutures Risks—Futures positions may be illiquid due to daily limits on price fluctuations, and the CFTC may suspend trading or order immediate liquidation and settlement of a particular contract.\nHedging Risks—Hedging techniques involve risks such as the possibility that losses on the hedge may be greater than gains in the value of the positions of an Advisory Account.\nRequirement to Perform—When entering into forward, spot or option contracts, or swaps, an Advisory Account may be required, and must be able, to perform its obligations under the contract.",
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      "text": "Risks Related to Accuracy of Information—GSAM bases its investment advice with respect to Managed Account Services on information provided by Enrolled Participants, or, as applicable, data held with a recordkeeper. If GSAM were to receive inaccurate or false information, or fail to provide material information, the quality and applicability of the investment strategies, recommendations made to, and, if applicable, management of Enrolled Participant Accounts can be materially impacted (the same applies to information provided by a plan’s recordkeeper). GSAM can and will also receive data and information about Enrolled Participants from its third-party custodian and broker. Additionally, GSAM can and will utilize data and information from one or more third-party data providers in order to evaluate and analyze securities. If such data and/or information were to prove inaccurate, false or otherwise materially compromised, the quality and applicability of the investment strategies, recommendations made to, and, if applicable, GSAM’s management of Enrolled Participant Accounts could be materially impacted.",
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      "text": "authorized personnel of GSAM or an Institution to interpret and implement model outputs. Several of the aforementioned considerations (and others) present the possibility of human error. While GSAM has established certain systematic rules and processes for monitoring Enrolled Participant portfolios to ensure they are managed in accordance with their investment objectives, there is no guarantee that these rules or processes will effectively manage the risks associated with the Managed Account Services Algorithms in all market conditions. Consequently, while GSAM employs controls to help ensure that models are sound in their development and appropriately adapted, calibrated and implemented into the Software Platform, the risks and certain errors associated with the Managed Account Services Algorithms can and will persist. Furthermore, errors can be very difficult to detect in some instances, with some errors potentially going undetected for long periods of time, or not detected at all. GSAM’s controls and processes are designed to help ensure that certain types of errors are subject to review once discovered, however, the effect of errors on the investment process and, as applicable, Enrolled Participant Account performance (positive or negative) may not be fully apparent when discovered.",
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      "text": "Goldman Sachs Asset Management | Form ADV | March 31, 2025",
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      "text": "RISKS THAT APPLY PRIMARILY TO DERIVATIVES INVESTMENTS AND SHORT SALES",
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