April 2024 Dow Jones Industrial Average Futures Excess Return 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. 333-269296 |
Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-269296 |
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GS Finance Corp. Medium-Term Notes, Series F guaranteed by The Goldman Sachs Group, Inc. |
Dow Jones Industrial Average Futures Excess Return Index
Overview
This section constitutes only a brief overview of the Dow Jones Industrial Average Futures Excess Return Index. The index is described in more detail under “The Underliers — Dow Jones Industrial Average Futures Excess Return Index” in the underlier supplement referred to in “About This Index Supplement” below. |
The Dow Jones Industrial Average Futures Excess Return Index (current Bloomberg symbol: “DJIAFP Index”), which we also refer to in this index supplement as the “index,” measures the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract (which is the E-mini Dow Jones Industrial AverageSM futures contract (symbol: “YM”)) trading on the Chicago Mercantile Exchange. The Dow Jones Industrial Average® Index is a price-weighted index composed of 30 stocks that measures the performance of some of the largest U.S. companies.
The index has a base date of June 14, 2002, with a base value of 100, as adjusted, and is calculated, maintained and published by S&P Dow Jones Indices LLC.
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: spglobal.com/spdji/en/indices/other-strategies/dow-jones-industrial-average-futures-index. 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 |
S&P Dow |
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The graph below shows the daily historical closing levels of the index from January 2, 2019 through April 1, 2024. 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 |
S&P Dow |
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Index Currency |
USD |
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Bloomberg Ticker |
DJIAFP |
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Rebalancing |
Quarterly |
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Index Members |
Variable |
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Geographical |
US |
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Annualized Return and Annualized Volatility |
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Type |
Excess Return |
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The following table provides the annualized return and annualized volatility of the index for each applicable period ended April 1, 2024. 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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Launch Date |
April 8, 2015 |
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Annualized Return |
Annualized Volatility |
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History |
June 14, 2002 |
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1 Year |
14.65% |
9.99% |
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3 Years |
4.94% |
14.69% |
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5 Years |
8.27% |
20.34% |
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Since January 2, 2019 |
10.30% |
20.10% |
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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
April 2024 Dow Jones Industrial Average Futures Excess Return Index Supplement dated April 23, 2024.
S-1
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April 2024 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated April 23, 2024 |
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 2, 2019 through April 1, 2024, of the Dow Jones Industrial Average Futures Excess Return Index (in black), the Dow Jones Industrial Average® (in blue) and a broad-based equity index, the S&P 500® Index (in green). 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 Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index have been adjusted to have a closing level of 100.00 on January 2, 2019 by dividing the applicable closing level on each day by that index’s closing level on January 2, 2019 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 Dow Jones Industrial Average Futures Excess Return Index, or the correlation (if any) between the level of the Dow Jones Industrial Average Futures Excess Return Index and the levels of the Dow Jones Industrial Average® or the S&P 500® Index.
Comparative Performance of the Dow Jones Industrial Average Futures Excess Return Index (DJIAFP), the Dow Jones Industrial Average® (INDU) 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 Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index for the applicable period ended April 1, 2024. 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 Dow Jones Industrial Average Futures Excess Return Index.
Comparison of Annualized Returns of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and a Broad-Based Stock Index
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1 Year |
3 Years |
5 Years |
Since January 2, 2019 |
S&P 500® Index |
27.61% |
9.26% |
12.83% |
15.08% |
Dow Jones Industrial Average® |
18.91% |
6.07% |
8.55% |
10.58% |
Dow Jones Industrial Average Futures Excess Return Index |
14.65% |
4.94% |
8.27% |
10.30% |
S-2
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April 2024 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated April 23, 2024 |
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. 39, 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. 39. References below to “reference equity index” mean the “Dow Jones Industrial Average®”.
S-3
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April 2024 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated April 23, 2024 |
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.
This index supplement constitutes a supplement to the documents listed below and therefore should be read in conjunction with such documents: |
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. 39, 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. 39, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.
TABLE OF CONTENTS
April 2024 Dow Jones Industrial Average Futures Excess Return Index Supplement dated April 23, 2024 |
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Dow Jones Industrial Average Futures Excess Return Index |
S-1 |
S-2 |
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S-3 |
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S-4 |
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