Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
November 25 2022 - 06:02AM
Edgar (US Regulatory)
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November 2022 Nasdaq-100 Technology Sector 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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Nasdaq-100
Technology Sector Index
Overview
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This section constitutes only a brief overview of the Nasdaq-100
Technology Sector Index. The index is described in more detail
under “The Underliers — Nasdaq-100 Technology Sector Index” in the
underlier supplement referred to in “About This Index Supplement”
below.
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The Nasdaq-100 Technology Sector Index (current Bloomberg symbol:
“NDXT Index”), which we also refer to in this index supplement as
the “index,” is designed to measure the performance of the
technology companies in the Nasdaq-100 Index®. The
Nasdaq-100 Index® is
designed to measure the performance of 100 of the largest
Nasdaq-listed non-financial stocks.
Each issuer of a stock in the index is classified as a Technology
company according to the Industry Classification Benchmark (ICB).
The index is a “price return” index and is an equal weighted index.
The index has a base date of February 22, 2006, with a base value
of 1000.00, as adjusted, and is calculated, maintained and
published by Nasdaq, Inc.
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:
indexes.nasdaqomx.com/Index/Overview/NDXT. 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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Nasdaq, Inc.
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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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Nasdaq, Inc.
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Index Currency
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USD
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Reuters Ticker
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.NDXT
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Bloomberg Ticker
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NDXT
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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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February 22, 2006
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Annualized Return
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Annualized Volatility
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1 Year
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-37.00%
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41.14%
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History Available Since
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February 22, 2006
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3 Years
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6.40%
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35.94%
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5 Years
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9.13%
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31.33%
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Since January 3, 2017
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13.78%
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29.36%
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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 Nasdaq-100 Technology Sector Index Supplement dated
November 22, 2022.
S-1
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November 2022 Nasdaq-100 Technology Sector 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 Nasdaq-100
Technology Sector Index (in black), the Nasdaq-100 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. Unlike the Nasdaq-100 Technology
Sector Index, neither the Nasdaq-100 Index® nor the
S&P 500® Index
seeks to track the performance of companies in the technology
sector.
For comparative purposes, each of the Nasdaq-100 Technology Sector
Index, the Nasdaq-100 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 Nasdaq-100 Technology
Sector Index, or the correlation (if any) between the level of the
Nasdaq-100 Technology Sector Index and the levels of the Nasdaq-100
Index® or the
S&P 500®
Index.
Comparative Performance of the
Nasdaq-100 Technology Sector Index (NDXT), the Nasdaq-100
Index®
(NDX) 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 Nasdaq-100 Technology Sector Index, the Nasdaq-100
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 Nasdaq-100 Technology Sector Index.
Comparison of Annualized Returns of
the Nasdaq-100 Technology Sector Index, the Nasdaq-100
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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Nasdaq-100 Index®
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-27.77%
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12.32%
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13.20%
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15.96%
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Nasdaq-100 Technology Sector Index
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-37.00%
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6.40%
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9.13%
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13.78%
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S-2
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November 2022 Nasdaq-100 Technology Sector 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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Your Investment in
the Securities Is Subject to Concentration Risks
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Your Investment in
the Securities Will Be Subject to Risks Associated with Foreign
Securities Markets
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Government
Regulatory Action, Including Legislative Acts and Executive Orders,
Could Result in Material Changes to the Composition of an Underlier
with Underlier Stocks from One or More Foreign Securities Markets
and Could Negatively Affect Your Investment in Your
Securities
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As Compared to Other
Index Sponsors, Nasdaq, Inc. Retains Significant Control and
Discretionary Decision-Making Over the Nasdaq-100 Technology Sector
Index, Which May Have an Adverse Effect on the Level of the
Nasdaq-100 Technology Sector Index and on Your
Securities
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S-3
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November 2022 Nasdaq-100 Technology Sector 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.
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