New Issue: GS Finance prices $1.34 million ETF-linked notes tied to two SPDR ETFs

By William Gullotti

Buffalo, N.Y., June 29 – GS Finance Corp. priced $1.34 million of 0% ETF-linked notes due June 28, 2028 tied to the SPDR S&P 500 ETF Trust and the SPDR Dow Jones Industrial Average ETF Trust, 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 be the greater of par plus 52.25% and par plus the return of the laggard ETF.

If the least performing ETF falls by up to 30%, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing ETF from its initial value.

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, SPDR Dow Jones Industrial Average ETF Trust
Amount:	$1,344,000
Maturity:	June 28, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If laggard fund return is flat or positive, the greater of par plus 52.25% and par plus the return of the laggard ETF; if laggard ETF falls by up to 30%, par; otherwise, full exposure to losses of laggard ETF
Initial values:	$433.21 for S&P ETF, $337.16 for Dow ETF
Barrier levels:	70% of initial levels
Pricing date:	June 23
Settlement date:	June 28
Agent:	Goldman Sachs & Co. LLC
Fees:	0.95%
Cusip:	40057TCL6

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