New Issue: GS Finance prices $2.14 million ETF-linked notes tied to three ETFs

By William Gullotti

Buffalo, N.Y., Sept. 5 – GS Finance Corp. priced $2.14 million of 0% ETF-linked notes due Sept. 1, 2028 tied to the SPDR S&P 500 ETF Trust, the Invesco QQQ Trust, Series 1 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 par plus 1.71 times the return of the least performing ETF.

If the least performing ETF falls by up to 40%, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing ETF from its initial level.

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, SPDR Dow Jones Industrial Average ETF Trust
Amount:	$2,138,000
Maturity:	Sept. 1, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If laggard fund return is flat or positive, par plus 1.71 times laggard ETF return; if laggard ETF falls by up to 40%, par; otherwise, full exposure to losses of laggard ETF
Initial levels:	$449.16 for S&P ETF, $374.77 for QQQ, $348.62 for Dow ETF
Barrier levels:	60% of initial levels
Pricing date:	Aug. 29
Settlement date:	Sept. 1
Agent:	Goldman, Sachs & Co. LLC
Fees:	0.68%
Cusip:	40057TYC2

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