Large Cap Growth Index-Linked ETN due 2028
FRLG
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ROIC.AI
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- GS Finance Corp. is a special purpose vehicle that issues exchange-traded notes (ETNs), including the Large Cap Growth Index-Linked ETN due 2028 (ticker: FRLG), which provides two times (2x) leveraged exposure to the quarterly performance of the Russell 1000 Growth Total Return Index net of fees; the index tracks large- and mid-cap U.S. growth stocks across diversified sectors such as technology, consumer discretionary, and healthcare. The company offers structured debt securities linked to equity indices, commodity prices, and other underlying assets, with products maturing on predetermined dates like April 3, 2028 for FRLG; it focuses on leveraged and inverse ETNs for institutional and retail investors seeking enhanced returns on market benchmarks. As an indirect wholly-owned subsidiary of The Goldman Sachs Group, Inc., GS Finance Corp. operates without independent operating activities, instead lending proceeds from its issuances to Goldman Sachs affiliates and entering derivative hedges. Established as a financing subsidiary, GS Finance Corp. is domiciled in the United States with ties to Goldman Sachs' headquarters in New York City; it primarily serves U.S. markets through NYSE Arca listings but supports global investors via Goldman Sachs' international platform. The parent company, founded in 1869, maintains operations across North America, Europe, Asia-Pacific, and other regions, enabling broad distribution of GS Finance Corp.'s ETNs. In recent developments, The Goldman Sachs Group, Inc. announced an agreement in October 2025 to acquire Industry Ventures, a venture capital firm, to bolster its $540 billion alternatives platform with enhanced secondary market and co-investment capabilities; the deal, approved by both boards, is slated for completion in Q1 2026 pending regulatory approval. Goldman Sachs also reshaped its Technology, Media, and Telecom (TMT) investment banking group in December 2025 to prioritize digital infrastructure and AI, appointing Kyle Jessen as head of infrastructure technology M&A. These strategic moves expand Goldman Sachs' private markets offerings, indirectly supporting issuance and distribution of products like those from GS Finance Corp.