Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
November 25 2022 - 06:01AM
Edgar (US Regulatory)
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November 2022 Russell 2000® Value
Index Supplement to the Underlier 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 | Warrants, Series G
guaranteed by
The Goldman Sachs Group, Inc.
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Russell 2000® Value
Index
Overview
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This section constitutes only a brief overview of the Russell
2000® Value
Index. The index is described in more detail under “The Underliers
— Russell 2000® Value
Index” in the underlier supplement referred to in “About This Index
Supplement” below.
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The Russell 2000® Value
Index (current Bloomberg symbol: “RUJ Index”), which we also refer
to in this index supplement as the “index,” is a sub-index of the
Russell 2000® Index.
The Russell 2000® Value
Index is generally considered to be a “small-cap” U.S. equity index
and is predominantly comprised of value stocks, meaning stocks
issued by companies thought to be undervalued by the market
relative to comparable companies. The Russell 2000® Index
measures the composite price performance of stocks of 2,000
companies incorporated in the U.S., its territories and certain
“benefit-driven incorporation countries” and is designed to track
the performance of the small capitalization segment of the U.S.
equity market.
The index has a base date of May 31, 1993, with a base value of
1000.00, as adjusted, and is calculated, maintained and published
by FTSE Russell.
We have derived all information contained in this index supplement
regarding the index from publicly available information. Additional
information about the index is available on the following website:
ftserussell.com/products/indices/russell-us. We are not
incorporating by reference the website or any material it includes
in this index supplement.
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Quick Facts
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Historical Performance
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Sponsor
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FTSE Russell
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The graph below shows the daily
historical closing levels of the index from January 3, 2017 through
November 14, 2022. As a result, the below graph does not reflect
the global financial crisis which began in 2008, which had a
materially negative impact on the price of
most equity securities and, as a result, the level of most equity
indices. We obtained the closing levels in the graph below from
Bloomberg Financial Services, without independent verification.
You should not take the historical
levels of the index as an indication of its future
performance.
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Calculation Agent
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FTSE Russell
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Index Currency
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USD
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Reuters Ticker
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.RUJ
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Bloomberg Ticker
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RUJ
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Rebalancing
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Quarterly
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Index Members
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Variable
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Annualized Return and Annualized Volatility
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Geographical Coverage
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US
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The following table provides the annualized return and annualized
volatility of the index for each applicable period ended
November 14, 2022. Annualized
return represents the average rate of return per annum, calculated
as the geometric average of the percentage change of the index
during the applicable time period. Annualized volatility is a
measure of the historical variability of returns, and is calculated
as the square root of 252 multiplied by the sample standard
deviation of the daily logarithmic returns of the index during the
applicable time period. You should not take any
annualized return or annualized volatility information regarding
the index as an indication of its future performance.
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Type
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Price Return
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Launch Date
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May 31, 1993
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Annualized Return
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Annualized Volatility
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1 Year
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-15.55%
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25.37%
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History Available Since
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July 26, 2000
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3 Years
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6.04%
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33.34%
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5 Years
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4.01%
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27.73%
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Since January 3, 2017
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3.62%
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26.06%
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Your investment in securities linked to the index involves certain
risks. See “Selected Risk Factors” on page S-3 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, the
applicable pricing supplement, the applicable product supplement,
if any, the applicable general terms supplement, if any, the
accompanying underlier 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 Russell 2000® Value
Index Supplement dated November 22, 2022.
S-1
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November 2022 Russell 2000® Value
Index Supplement
Dated November 22, 2022
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Comparative
Performance Data
Index Performance Compared to its Parent Index and a Select
Broad-Based Stock Index
For comparative purposes, the graph below shows the performance,
from January 3, 2017 through November 14, 2022, of the Russell
2000® Value
Index (in black), the Russell 2000® Index
(in gray) and a broad-based equity index, the S&P
500®
Index (in blue). The S&P 500® Index
seeks to track a representative sample of 500 companies in leading
industries of the U.S. economy.
For comparative purposes, each of the Russell 2000® Value
Index, the Russell 2000® Index
and the S&P 500® Index
have been adjusted to have a closing level of 100.00 on January 3,
2017 by dividing the applicable closing level on each day by that
index’s closing level on January 3, 2017 and multiplying the
quotient by 100.00.
The daily historical closing levels of the indices used to create
this graph were obtained from Bloomberg Financial Services, without
independent verification. You
should not take this graph or the historical closing levels of the
indices used to create this graph as an indication of the future
performance of any index, including the Russell 2000® Value
Index, or the correlation (if any) between the level of the Russell
2000® Value
Index and the levels of the Russell 2000® Index
or the S&P 500®
Index.
Comparative Performance of the Russell 2000® Value
Index (RUJ), the Russell 2000® Index
(RTY) and a Broad-Based Stock Index (SPX)
Index Annualized Return Compared to its Parent Index and a Select
Broad-Based Stock Index
The following table provides a comparison of the annualized returns
of the Russell 2000® Value
Index, the Russell 2000® Index
and the S&P 500® Index
for the applicable period ended November 14, 2022. Annualized
return represents the average rate of return per annum, calculated
as the geometric average of the percentage change of the applicable
index during the applicable time period. You should not take the annualized returns of
the indices as an indication of the future performance of any
index, including the Russell 2000® Value
Index.
Comparison of Annualized Returns of the Russell 2000® Value
Index, the Russell 2000® Index
and a Broad-Based Stock Index
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1
Year
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3
Years
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5
Years
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Since January 3, 2017
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S&P 500®
Index
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-15.49%
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8.52%
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8.94%
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10.05%
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Russell 2000®
Index
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-22.83%
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5.42%
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4.81%
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5.43%
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Russell 2000® Value
Index
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-15.55%
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6.04%
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4.01%
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3.62%
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S-2
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November 2022 Russell 2000® Value
Index Supplement
Dated November 22, 2022
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Selected Risk Factors
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 underlier supplement no. 29, the
applicable pricing supplement, the applicable product supplement,
if any, the applicable general terms supplement, if any, the
accompanying prospectus supplement and the accompanying prospectus.
The following risk factors are discussed in greater detail in the
accompanying underlier supplement no. 29.
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The Estimated Value
of Your Securities At the Time the Terms of Your Securities Are Set
On the Trade Date (as Determined By Reference to Pricing Models
Used By GS&Co.) Is Less Than the Original Issue Price Of Your
Securities
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Your Securities Are
Subject to the Credit Risk of GS Finance Corp., as Issuer, and the
Credit Risk of The Goldman Sachs Group, Inc., as
Guarantor
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The Market Value of
Your Securities May Be Influenced by Many Unpredictable
Factors
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If the Value of an
Underlier Changes, the Market Value of Your Securities May Not
Change in the Same Manner
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The Return on Your
Securities Will Not Reflect Any Dividends Paid on an Underlier, or
Any Underlier Stock, as Applicable
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You Have No
Shareholder Rights or Rights to Receive Any Shares of an Underlier
or Any Underlier Stock, as Applicable
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Past Performance is
No Guide to Future Performance
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The Policies of an
Underlier Sponsor, and Changes that Affect an Underlier to Which
Your Securities are Linked, or the Underlier Stocks Comprising Such
Underlier, Could Affect the Amount Payable on Your Securities and
Their Market Value
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Except to the Extent
That We or Our Affiliates May Currently or in the Future Own
Securities of, or Engage in Business With, the Applicable Underlier
Sponsor or the Underlier Stock Issuers, There Is No Affiliation
Between the Underlier Stock Issuers or Any Underlier Sponsor and
Us
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There Is No
Guarantee That the Methodology of the Russell 2000® Value
Index Will Be Successful
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S-3
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November 2022 Russell 2000® Value
Index Supplement
Dated November 22, 2022
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About This Index
Supplement
GS Finance Corp. may use this index supplement 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 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 is being used in a market-making
transaction.
S-4
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, the accompanying underlier
supplement no. 29, 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 securities 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. 29, the accompanying
prospectus supplement and the accompanying prospectus is current
only as of the respective dates of such documents.
TABLE OF CONTENTS
Goldman Sachs (NYSE:GS-A)
Historical Stock Chart
From Dec 2022 to Jan 2023
Goldman Sachs (NYSE:GS-A)
Historical Stock Chart
From Jan 2022 to Jan 2023
