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November 2022
MOBU Focus ER Index Supplement Addendum to the MOBU Focus ER Index
Supplement, the Prospectus Supplement and the Prospectus, each as
may be amended from time to time, that form a part of Registration
Statement No. 333-253421
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Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-253421
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GS Finance Corp.
Medium-Term Notes, Series F
guaranteed by
The Goldman Sachs Group, Inc.
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Goldman Sachs
Momentum Builder® Focus
ER Index
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The Goldman Sachs Momentum Builder® Focus
ER Index (the index) measures the performance of a “base index” and
non-interest bearing cash positions subject to certain deductions,
as described in further detail below. On each index business day,
exposure to the base index will be reduced and exposure to the
non-interest bearing cash positions increased if (i) the realized
volatility of the base index exceeds a volatility control limit of
5% (we refer to the base index, after applying this volatility
control limit, as the “volatility controlled index”) or (ii) the
volatility controlled index has exhibited negative price
momentum.
The base index is composed of underlying assets, which consist of
(i) nine underlying indices, potentially providing exposure to the
following asset classes: focused U.S. equities; other developed
market equities; developed market fixed income; emerging market
equities; and commodities; and (ii) a money market position that
accrues interest at a rate equal to the federal funds rate (the
“return-based money market position”). The base index rebalances on
each index business day based on historical returns of the
underlying assets, subject to a limitation on realized volatility
(which is separate from the volatility control mechanism described
in the paragraph above) and minimum and
maximum weights for the underlying assets and asset classes. As a
result of the rebalancing, the base index may include as few as 2
underlying assets (including the return-based money market
position) and may never include some of the underlying indices or
asset classes.
The daily base index return is subject to a deduction equal to the
return on the federal funds rate and, in addition, the entire index
is subject to a deduction of 0.65% per annum (accruing daily).
The net effect of the deduction
for the federal funds rate on the base index and the 0.65%
deduction on the full index means that any aggregate exposure to
the return-based money market position or the non-interest bearing
cash positions will reduce the index performance on a pro rata
basis by 0.65%. A very
significant portion of the index has been, and may be in the
future, allocated to the return-based
money market position and the non-interest bearing cash
positions.
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Historical
Information and Hypothetical Data
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The following chart and table provide a comparison between the
index (using historical information and hypothetical data, as
explained below) and certain asset classes (in each case,
represented by a benchmark ETF or a benchmark index, which are
distinct from the asset classes in which the 10 underlying assets
have been categorized for purposes of this index) from January 1,
2017 to November 14, 2022.
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Your investment in securities linked to the index involves certain
risks. See “Selected Risk Factors” on page S-5 to read about
investment risks relating to such securities.
Neither the Securities and Exchange Commission nor any other
regulatory body has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this index supplement
addendum, the applicable pricing supplement, the applicable product
supplement, if any, the accompanying MOBU Focus ER index
supplement, the accompanying prospectus supplement or the
accompanying prospectus. Any representation to the contrary is a
criminal offense.
The securities are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental
agency, nor are they obligations of, or guaranteed by, a bank.
Goldman Sachs & Co. LLC
November 2022 MOBU Focus ER Index
Supplement Addendum dated November 22, 2022.
S-1
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
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As of November 14, 2022
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Goldman Sachs Momentum Builder® Focus
ER Index (GSMBFC5)
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US Equities (SPY Excess Return)
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Global Equities (MSCI ACWI Excess Return)
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US Bonds (AGG Excess Return)
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Commodities (S&P GSCI Excess Return)
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Effective Performance (1 Month)
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0.43%
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10.17%
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11.14%
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1.61%
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1.40%
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Effective Performance (6 Month)
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-0.49%
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-1.49%
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-2.27%
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-6.22%
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-10.77%
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Annualized* Performance (since January 2017)
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2.63%
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10.82%
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7.33%
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-0.81%
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5.97%
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Annualized* Realized Volatility (since January
2017)**
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3.82%
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19.55%
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15.90%
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5.20%
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23.24%
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Return over Risk (since January 2017)***
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0.69
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0.55
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0.46
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-0.16
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0.26
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Maximum Peak-to-Trough Drawdown****
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-5.65%
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-33.79%
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-33.82%
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-19.32%
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-59.02%
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*
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Calculated on a per annum percentage basis.
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**
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Calculated on the same basis as realized volatility used in
calculating the index.
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***
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Calculated by dividing the annualized performance by the annualized
realized volatility since January 1, 2017.
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****
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The largest percentage decline experienced in the relevant measure
from a previously occurring maximum level.
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Benchmark ETF data and benchmark index data is based on the
historical levels of the benchmark ETFs and benchmark indices,
respectively. The historical index information from January 12,
2021 (the index launch date) to November 14, 2022 reflects the
actual performance of the index. (In the chart, this historical
index information can be found to the right of the vertical solid
line marker.) The hypothetical index data from January 1, 2017 to
January 11, 2021 is based on the historical levels of the eligible
underlying assets, using the same methodology that is used to
calculate the index. As a result, the above chart and table do not
reflect the global financial crisis which began in 2008, which had
a materially negative impact on certain of the benchmark ETFs,
benchmark indices and eligible underlying assets and would have had
a materially negative impact on the index. Please also note that
the benchmark ETFs and benchmark indices that are used to represent
asset classes for purposes of the above table and chart may not be
eligible underlying assets for purposes of the index and in some
cases differ from the eligible underlying assets that are used to
represent asset classes with the same or similar titles for
purposes of the index. You should
not take the historical index information, hypothetical index data
or historical benchmark ETF and benchmark index data as an
indication of the future performance of the index.
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Monthly Performance Since January
2017
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The following chart sets forth hypothetical and historical monthly
index performance data during the period from January 1, 2017 to
October 31, 2022 based on the historical index information and
hypothetical index data previously supplied above. You should not
take the historical index information or hypothetical index data as
an indication of the future performance of the index.
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Year
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Jan
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Feb
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Mar
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Apr
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May
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Jun
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Jul
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Aug
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Sep
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Oct
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Nov
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Dec
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Annual
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2022
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-0.96%
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-0.13%
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0.17%
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-0.54%
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-0.33%
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-0.43%
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0.21%
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-0.27%
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-0.52%
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0.30%
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-2.50%*
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2021
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-0.40%**
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-0.46%
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1.64%
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0.67%
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0.62%
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0.19%
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0.89%
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0.83%
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-2.69%
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0.94%
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-1.14%
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0.59%
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1.60%
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2020
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1.31%
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-2.09%
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-0.59%
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0.82%
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0.48%
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0.53%
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0.43%
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0.88%
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-0.94%
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-0.85%
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2.51%
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0.85%
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3.30%
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2019
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0.55%
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-0.01%
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0.43%
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0.66%
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-0.99%
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3.14%
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0.80%
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1.72%
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-1.25%
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0.78%
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0.12%
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1.18%
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7.31%
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2018
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2.79%
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-1.95%
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-0.73%
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-0.06%
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0.55%
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0.08%
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-0.15%
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1.39%
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-0.69%
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-2.96%
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0.11%
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-0.35%
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-2.05%
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2017
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0.25%
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1.12%
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0.45%
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1.28%
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1.10%
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-1.84%
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1.27%
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0.65%
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0.07%
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2.07%
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0.77%
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0.70%
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8.14%
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* To October 31, 2022
** Historical Performance begins January 12, 2021 (the
index launch date)
S-2
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
As of November 14, 2022, the
following chart sets forth the weighting of each eligible base
index underlying asset in the base index as of November 14, 2022
and the hypothetical and historical average percentage weightings
of the eligible base index underlying assets, the highest
percentage weightings of the eligible base index underlying assets
and the percentage of index business days with positive weightings
for the eligible base index underlying assets in the base index
from January 1, 2017 to November 14, 2022 (the period for which
eligible base index underlying assets is available). This data
reflects the same historical information and hypothetical data as
in the previous tables. You should
not take the historical information or hypothetical data as an
indication of the future performance of the index.
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Eligible Base Index Underlying Asset
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Weighting (as of November 14, 2022)*
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Average Weighting
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Highest Weighting
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Percentage of Index Business Days When Eligible Base Index
Underlying Asset is Included as a Base Index Underlying Asset
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US Equity Futures Rolling Strategy Index
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20.00%
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14.37%
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30.00%
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94.75%
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US Technology Equity Futures Rolling Strategy Series Q Total Return
Index
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0.00%
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9.58%
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29.58%
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86.00%
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European Equity Futures Rolling Strategy Index
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0.03%
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4.38%
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24.49%
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63.46%
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Japanese Equity Futures Rolling Strategy Index
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1.48%
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5.68%
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27.44%
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78.99%
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US Government Bond Futures Rolling Strategy Index
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0.00%
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11.59%
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59.57%
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64.70%
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European Government Bond Futures Rolling Strategy Index
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0.00%
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17.65%
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58.91%
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74.69%
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Japanese Government Bond Futures Rolling Strategy Index
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0.57%
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8.05%
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56.21%
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64.55%
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Emerging Markets Equity Futures Rolling Strategy Index
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0.00%
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1.52%
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19.67%
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38.15%
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Bloomberg Gold Subindex Total Return
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0.00%
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5.96%
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25.00%
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77.10%
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Money Market Position
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77.92%
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21.22%
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78.97%
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83.66%
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Eligible Base Index Underlying
Assets
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The following is a list of the eligible base index underlying
assets for the index, including the related base index asset
classes, base index asset class minimum and maximum weights and
base index underlying asset minimum and maximum weights.
|
Base Index Asset Class
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Base Index Asset Class Minimum Weight
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Base Index Asset Class Maximum
Weight
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Eligible Base Index Underlying
Asset
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Ticker
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Base Index Underlying Asset Minimum Weight
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Base Index Underlying Asset Maximum Weight
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Focused US Equities
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20%
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50%
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US Equity Futures Rolling Strategy Index
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FRSIUSE
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0%**
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30%
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US Technology Equity Futures Rolling Strategy Series Q Total Return
Index
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GSISNQET
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0%**
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30%
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Other Developed Market Equities
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0%
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50%
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European Equity Futures Rolling Strategy Index
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FRSIEUE
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0%
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30%
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Japanese Equity Futures Rolling Strategy Index
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FRSIJPE
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0%
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30%
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Developed Market Fixed Income
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0%
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80%
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US Government Bond Futures Rolling Strategy Index
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FRSIUSB
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0%
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60%
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European Government Bond Futures Rolling Strategy Index
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FRSIEUB
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0%
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60%
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Japanese Government Bond Futures Rolling Strategy Index
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FRSIJPB
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0%
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60%
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Emerging Market Equities
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0%
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20%
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Emerging Markets Equity Futures Rolling Strategy Index
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FRSIEME
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0%
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20%
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Commodities
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0%
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25%
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Bloomberg Gold Subindex Total Return
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BCOMGCTR
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0%
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25%
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Cash Equivalent
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0%
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80%*
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Return-Based Money Market Position
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N/A
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0%
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80%*
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* The base index asset class maximum weight and base index
underlying asset maximum weight applicable to the Cash Equivalent
in the table only apply to the return-based money market position
in the base index, and not the deleverage cash position or the
momentum risk control cash position (which are outside of the base
index). As a result of the volatility control and momentum risk
control adjustment features, the index may allocate nearly its
entire exposure to hypothetical cash positions.
S-3
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
** Although the underlying asset weight of each of the US Large-Cap
Equities (US Equity Futures Rolling Strategy Index) and US
Technology Equities (US Technology Equity Futures Rolling Strategy
Series Q Total Return Index) may be as low as 0%, their minimum
combined weight must equal at least 20%.
S-4
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
An investment in securities linked to the index is subject to the
risks described below as well as the risks and considerations
described in the accompanying MOBU Focus ER index supplement no.
21, the applicable pricing supplement, the applicable product
supplement, if any, the accompanying prospectus supplement and the
accompanying prospectus. The following risk factors are discussed
in greater detail in the applicable pricing supplement and the
accompanying MOBU Focus ER index supplement no. 21
Risks Related
to the Index
|
▪
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The Index Measures the Performance of the Underlying Assets on an
Excess Return Basis Less the Deduction Rate
|
|
▪
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Your Investment in the Securities May Be Subject to Concentration
Risks. The assets underlying an eligible underlying asset may
represent a particular market or commodity sector, a particular
geographic region or some other sector or asset class. As a result,
your investment in the securities may be concentrated in a single
sector or asset class even though there are maximum weights for
each base index underlying asset and each base index asset
class.
|
|
▪
|
You May Not Have Exposure to One or More of the Eligible Underlying
Assets During the Term of the Securities
|
|
▪
|
The Weight of Each Underlying Asset in the Base Index Reflects the
Average of the Average of the Weights of Such Underlying Asset Over
Three Look-Back Periods and Over the Weight Averaging Period
|
|
▪
|
The Index May Not Successfully Capture Price Momentum
|
|
▪
|
Base Index Asset Class Maximum Weights May in Many Cases Prevent
All of the Eligible Base Index Underlying Assets in a Base Index
Asset Class From Being Included in the Base Index at Their Base
Index Underlying Asset Maximum Weights
|
|
▪
|
The Index’s Exposure to the Performance of Underlying Indices May
Be Limited by Deleveraging and the Weight and Volatility
Constraints
|
|
▪
|
If the Level of the Index Changes, the Market Value of Your
Securities May Not Change in the Same Manner
|
|
▪
|
Past Index Performance is No Guide to Future Performance
|
|
▪
|
The Lower Performance of One Underlying Asset May Offset an
Increase in the Other Underlying Assets
|
|
▪
|
Because Historical Returns and
Realized Volatility Are Measured on an Aggregate Basis, the Index
Could Include Eligible Underlying Assets With a High Realized
Volatility and Could Exclude Eligible Underlying Assets With
a High Historical Return
|
|
▪
|
Correlation of Performances Among the Underlying Assets May Reduce
the Performance of the Index
|
|
▪
|
The Index May Have a Very Substantial Allocation to Hypothetical
Cash Positions and Other Potentially Low-Yielding Assets on Any or
All Days During the Term of the Securities
|
|
▪
|
The Index’s
Momentum Risk Control Adjustment Mechanism May Not Work as Intended
and May Limit Returns
|
|
▪
|
Base Index Allocations May Be Affected by the Methodology
Algorithm
|
|
▪
|
The Eligible Underlying Indices are Linked to Futures
Strategies
|
|
▪
|
Certain Eligible Underlying Assets are Subject to an Internal
Currency Hedge, Which May Not be Effective
|
|
▪
|
The Index May Perform Poorly During Periods Characterized by
Increased Short-Term Volatility
|
|
▪
|
Index Market Disruption Events Could Affect the Level of the Index
on Any Date
|
|
▪
|
The Index Has a Limited Operating History
|
|
▪
|
The Historical Levels of the Notional Interest Rate Are Not an
Indication of the Future Levels of the Notional Interest Rate
|
|
▪
|
The Policies of the Index Sponsor, Index Committee and Index
Calculation Agent, and Changes That Affect the Index or the
Underlying Indices, Could Affect the Amount Payable on Your
Securities and Their Market Value
|
|
▪
|
The Index Calculation Agent Will Have Authority to Make
Determinations that Could Affect the Value of Your Securities and
the Amount You Receive at Maturity. The Goldman Sachs Group, Inc.
Owns a Non-Controlling Interest in the Index Calculation Agent
|
|
▪
|
As Index Sponsor, GS&Co. Can Replace the Index Calculation
Agent at Any Time
|
|
▪
|
The Index Calculation Agent Can Resign Upon Notification to the
Index Sponsor
|
Risks Related to the Eligible Underlying Indices
Risks related
to eligible underlying indices comprised of futures contracts
(including the US Equity Futures Rolling Strategy Index, the US
Technology Equity Futures Rolling Strategy Series Q Total Return
Index, the European Equity Futures Rolling Strategy Index, the
Japanese Equity Futures Rolling Strategy Index, the US Government
Bond Futures Rolling Strategy Index, the European Government Bond
Futures Rolling Strategy Index, the Japanese Government Bond
Futures Rolling Strategy Index, the Emerging Markets Equity Futures
Rolling Strategy Index and the Bloomberg Gold Subindex Total
Return)
|
▪
|
Suspension or Disruptions of Market Trading in Futures Contracts
Included in an Eligible Underlying Index May Adversely Affect the
Level of the Index
|
|
▪
|
A Negative Roll Yield Could Reduce the Level of an Eligible
Underlying Index and Therefore the Level of the Index
|
S-5
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
|
▪
|
Futures
Contracts Are Not Assets with Intrinsic Value
|
Risks related to eligible underlying indices sponsored by Goldman
Sachs International (including the US Equity Futures Rolling
Strategy Index, the US Technology Equity Futures Rolling Strategy
Series Q Total Return Index, the European Equity Futures Rolling
Strategy Index, the Japanese Equity Futures Rolling Strategy Index,
the US Government Bond Futures Rolling Strategy Index, the European
Government Bond Futures Rolling Strategy Index, the Japanese
Government Bond Futures Rolling Strategy Index and the Emerging
Markets Equity Futures Rolling Strategy Index)
|
▪
|
The Calculation Agent of an Eligible Underlying Index Will Have
Authority to Make Determinations that Could Affect the Level of the
Index
|
|
▪
|
The Policies of Goldman Sachs International, the Sponsor of Certain
Eligible Underlying Indices, and Policy Changes That Affect Such
Eligible Underlying Indices Could Affect the Level of the Index
|
Risks related to eligible underlying indices comprised of futures
contracts on reference equity indices (including the US Equity
Futures Rolling Strategy Index, the US Technology Equity Futures
Rolling Strategy Series Q Total Return Index, the European Equity
Futures Rolling Strategy Index, the Japanese Equity Futures Rolling
Strategy Index and the Emerging Markets Equity Futures Rolling
Strategy Index)
|
▪
|
Except to the Extent the Goldman Sachs Group, Inc. Is One of the
Companies Whose Common Stock Comprises the S&P 500® Index,
and Except to the Extent That We or Our Affiliates May Currently or
in the Future Own Assets of, or Engage in Business With, the
Issuers of Assets Comprising a Reference Equity Index That Is the
Subject of a Futures Contract that Comprises One of the Equity
Futures Rolling Strategy Indices, There is No Affiliation Between
Us and Any Issuer of Assets Comprising Any Reference Equity Index
That Is the Subject of a Futures Contract that Comprises One of the
Equity Futures Rolling Strategy Indices
|
Risks related to eligible underlying indices comprised of foreign
assets (including the US Technology Equity Futures Rolling Strategy
Series Q Total Return Index, the European Equity Futures Rolling
Strategy Index, the Japanese Equity Futures Rolling Strategy Index
and the Emerging Markets Equity Futures Rolling Strategy Index)
|
▪
|
Your Securities Will Be Subject to Foreign Currency Exchange Rate
Risk
|
|
▪
|
Regulators Are Investigating Potential Manipulation of Published
Currency Exchange Rates
|
|
▪
|
Even Though Currencies Trade Around-The-Clock, Your Securities Will
Not
|
|
▪
|
Intervention in the Foreign Currency Exchange Markets by the
Countries Issuing Any Currency In Which an Asset Comprising an
Eligible Underlying Index Trades or Is Denominated Could Adversely
Affect the Level of the Index
|
|
▪
|
Suspensions or Disruptions of Market Trading in One or More Foreign
Currencies May Adversely Affect the Value of Your Securities
|
|
▪
|
Your
Investment in the Securities Will Be Subject to Risks Associated
with Foreign Securities Markets
|
|
▪
|
Government Regulatory Action, Including Legislative Acts and
Executive Orders, Could Result in Material Changes to the
Composition of a Reference Equity Index with Assets from One or
More Foreign Securities Markets and Could Negatively Affect the
Level of the Index
|
Risks related to underlying indices comprised of debt securities
(including the US Government Bond Futures Rolling Strategy Index,
the European Government Bond Futures Rolling Strategy Index and the
Japanese Government Bond Futures Rolling Strategy Index)
|
▪
|
Your Investment is Subject to
Interest Rate Risk
|
|
▪
|
Your Investment is Subject to Investment-Grade Credit Risk
|
|
▪
|
Your Investment is Subject to Concentration Risks. The US
Government Bond Futures Rolling Strategy Index is comprised of
futures on U.S. Treasury bonds that are obligations of the United
States, the European Government Bond Futures Rolling Strategy Index
is comprised of futures on Euro bonds issued by the Federal
Republic of Germany and the Japanese Government Bond Futures
Rolling Strategy Index is comprised of futures on Japanese
government bonds that are obligations of Japan (each such debt
security, a “reference bond”). As a result, each such
eligible underlying index is concentrated in the performance of
bonds issued by a single issuer and having the same general tenor
and terms.
|
Risks related to the US Technology Equity Futures Rolling Strategy
Series Q Total Return Index
|
▪
|
As Compared to Other Index
Sponsors, Nasdaq, Inc. Retains Significant Control and
Discretionary Decision-Making Over the Nasdaq-100 Index®, Which
May Have an Adverse Effect on the Level of the Nasdaq-100
Index® and
on Your Securities
|
Risks related to the Japanese Equity Futures Rolling Strategy
Index
|
▪
|
TOPIX Recently Implemented
Methodology Changes That Are Being Carried Out In Stages Through
January 2025; Limited Historical Japanese Equity Futures Rolling
Strategy Index Performance Information Is Available Incorporating
the Changes to TOPIX That Have Been Carried Out To Date
|
Risks related to the Bloomberg Gold Subindex Total Return
|
▪
|
The Policies of the Sponsor of the Bloomberg Gold Subindex Total
Return and Changes that Affect the Bloomberg Gold Subindex Total
Return Could Affect the Level of the Index
|
|
▪
|
Your Investment is Subject to Concentration Risks. The Bloomberg
Gold Subindex Total Return is concentrated
|
S-6
November 2022 MOBU Focus ER Index Supplement Addendum
Dated November 22, 2022
|
in a single commodity. As a result, the performance of the
Bloomberg Gold Subindex Total Return
will be concentrated in the performance of that specific
commodity.
|
|
▪
|
Legal and
Regulatory Changes Could Adversely Affect the Level of the
Index
|
|
▪
|
Ongoing Commodities-Related Regulatory Investigations And Private
Litigation Could Affect Prices for Commodities, Which Could
Adversely Affect Your Securities
|
|
▪
|
Various Unpredictable Factors
May Affect the Performance of the Bloomberg Gold Subindex Total
Return
|
|
▪
|
The Sponsor of the Bloomberg
Gold Subindex Total Return May Be Required to Replace a
Designated Contract If the Existing Commodities Contract Is
Terminated or Replaced
|
|
▪
|
Linking to a
Commodity Futures Contract is Different From Linking to the Spot
Price of the Applicable Physical Commodity
|
|
▪
|
There Are Risks Associated with an Investment Linked to the Prices
of Commodities Generally
|
|
▪
|
Economic or Political Events or Crises Could Result in Large-Scale
Purchases or Sales of the Bloomberg Gold Subindex Total Return,
Which Could Affect the Price of the Bloomberg Gold Subindex Total
Return and May Adversely Affect the Level of the Index
|
|
▪
|
Substantial Sales of the Bloomberg
Gold Subindex Total Return by Governments or Public Sector Entities
Could Result in Price Decreases, Which Would Adversely Affect the
Level of the Index
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About This
Index Supplement Addendum
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GS Finance Corp. may use this index supplement addendum in the
initial sale of the securities. In addition, Goldman Sachs &
Co. LLC (GS&Co.), or any other affiliate of GS Finance Corp.,
may use this index supplement addendum in a market-making
transaction in a security after its initial sale. Unless GS Finance Corp. or
its agent informs the purchaser otherwise in the confirmation of
sale, this index supplement addendum is being used in a
market-making transaction.
S-7
We have not authorized anyone to provide any information or to make
any representations other than those contained in or incorporated
by reference in this index supplement addendum, the accompanying
index supplement no. 21, the accompanying prospectus supplement or
the accompanying prospectus. We take no responsibility for, and can
provide no assurance as to the reliability of, any other
information that others may provide. This index supplement addendum
is an offer to sell only the notes offered hereby, but only under
circumstances and in jurisdictions where it is lawful to do so. The
information contained in this index supplement addendum, the
accompanying index supplement no. 21, the accompanying prospectus
supplement and the accompanying prospectus is current only as of
the respective dates of such documents.
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