By Kiku Steinfeld
Chicago, March 8 – GS Finance Corp. priced $142,000 of 0% ETF-linked notes due Feb. 26, 2026 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the SPDR Gold Trust, according to a 4142B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If each ETF finishes at or above its initial value, the payout at maturity will be par plus 1.05 times the return of the lesser performing ETF.
If either ETF falls but neither falls by more than 15%, the payout will be par.
Otherwise, investors will be exposed to the decline of the lesser performing ETF beyond 15%.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | ETF-linked notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR Gold Trust
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| Amount: | $142,000
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| Maturity: | Feb. 26, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If both funds finish at or above initial values, par plus 1.05 times return of lesser performing fund; if lesser performing fund falls by up to 15%, par; otherwise, exposure to decline of worse performer beyond 15%
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| Initial values: | $33.44 for silver ETF and $169.12 for gold ETF
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| Buffer levels: | 85% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 26
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 3.92%
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| Cusip: | 40057FEB6
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