New Issue: GS Finance prices $35.88 million ETF-linked notes tied to two funds

By Wendy Van Sickle

Columbus, Ohio, April 5 – GS Finance Corp. priced $35.88 million of 0% ETF-linked notes due April 2, 2026 tied to the SPDR S&P 500 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the return of each ETF is zero or positive, the payout at maturity will par plus 1.03 times the return of the least performing ETF.

If the least performing ETF falls by up to 25%, the payout will be par plus 50% of the absolute value of the laggard ETF return. Otherwise, investors will lose 1% for every 1% decline of the laggard ETF beyond 25%.

Goldman, Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	ETF-linked notes
Underlying ETFs:	SPDR S&P 500 ETF Trust, Invesco QQQ Trust, Series 1
Amount:	$35,875,000
Maturity:	April 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If laggard fund return is flat or positive, par plus 1.03 times laggard ETF return; if laggard ETF falls by up to 25%, par plus 50% of absolute value of laggard ETF return; otherwise, lose 1% for every 1% decline of the laggard ETF beyond 25%
Initial values:	$520.5389 for SPDR, $443.2186 for QQQ
Buffer levels:	75% of initial levels
Pricing date:	March 28
Settlement date:	April 2
Agent:	Goldman, Sachs & Co. LLC
Fees:	0%
Cusip:	40057YXA6

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