[424B3] Goldman Sachs Group Inc. Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

Goldman Sachs (GS) has filed a Rule 424(b)(3) prospectus to market Medium-Term Notes, Series F issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The securities are linked to the newly launched S&P 500® Futures 40% VT Adaptive Response Index (USD) ER (Bloomberg: SPAR4VE), an excess-return index that began live calculation on 27 Dec 2024.

The index provides daily, rules-based exposure (0-500%) to the S&P 500 Futures Excess Return Index. Leverage adjustments are driven by (i) a 40% volatility target, (ii) a mean-reversion signal, (iii) Federal Open Market Committee (FOMC) timing signals and (iv) turn-of-the-month effects, with a maximum 100% change in leverage per day.

Historical & Hypothetical Performance (to 30 Jun 2025):

• 1-yr return -23.21%; annualized volatility 48.20%
• 3-yr return 14.64%; volatility 41.86%
• 5-yr return 20.98%; volatility 41.61%
• Since 2 Jan 2020 return 13.91%; volatility 42.87%

Comparatively, over the same periods the S&P 500 Index returned 13.63% (1-yr) and 17.91% (3-yr), while the S&P 500 Futures Excess Return Index returned 8.78% (1-yr) and 13.59% (3-yr). The Adaptive Response Index therefore underperformed sharply in the past year but shows stronger multi-year hypothetical results, reflecting its leveraged and signal-driven design.

Key structural and credit considerations include:

• Exposure to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).
• Estimated value at trade date is less than the issue price.
• Potential for significant losses due to leverage, volatility caps, signal failure and negative roll yields.
• Limited live history; most data are hypothetical and unverified.

The filing reiterates that the securities are not FDIC-insured, carry no equity or futures contract ownership rights, and may be automatically redeemed under certain conditions. Investors should review the extensive risk factors (pages S-4 onward) before committing capital.

Positive

• Multi-year hypothetical returns (5-yr 20.98%) outpace the S&P 500 and S&P 500 Futures Excess Return indices.
• Rules-based volatility targeting may reduce drawdowns relative to static 5× leverage.

Negative

• Live 1-year performance shows a –23.21% loss with 48.20% volatility, underperforming the S&P 500 by more than 36 percentage points.
• Index has less than one year of live history; earlier data are hypothetical and unverified.
• Up to 500% leverage and daily rebalancing expose investors to amplified losses and tracking error.
• Estimated value at issuance is below the original issue price, creating negative carry from day one.

Insights

Structured Products Analyst

TL;DR: GS offers leveraged, volatility-targeted notes; attractive multi-year hypothetical returns but very high 1-year loss and extensive risk factors.

The adaptive response structure seeks higher risk-adjusted returns by scaling S&P 500 futures exposure up to 5× based on volatility and timing signals. While back-tests show 5-yr annualized gains of 20.98%, the live period delivered a –23.21% loss, underscoring path dependency. The product’s appeal lies in potential upside without margin requirements, yet investors face embedded financing costs, model risk and an issue price above estimated value. From Goldman’s perspective this is routine shelf issuance, so corporate impact is limited. For investors, risk/reward is asymmetric: gains capped by leverage limits, but principal is fully at risk.

Portfolio Risk Manager

TL;DR: Note embeds 500% leverage with 48% volatility; unsuitable for conservative portfolios, neutral to GS credit profile.

With annualized volatility near 42-48%, the index is six to seven times more volatile than typical balanced portfolios. Daily leverage adjustments can whipsaw in stressed markets, potentially trapping investors in low-exposure periods then over-levering into sell-offs. Credit exposure to GS remains senior but unsecured; regulatory capital treatment is standard. Given the limited size relative to Goldman’s balance sheet, the filing is not materially impactful to GS bondholders or shareholders.

July 2025 S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum to the S&P 500^® Futures Adaptive Response Indices Supplement No. 1, the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a part of Registration Statement No. 333-284538 Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-284538

 

GS Finance Corp. Medium-Term Notes, Series F guaranteed by The Goldman Sachs Group, Inc. 

 

S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER

Overview

This section constitutes only a brief overview of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER. See “About This Index Supplement Addendum” below.

The S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER (current Bloomberg symbol: “SPAR4VE Index”) attempts to provide exposure to the S&P 500^® Futures Excess Return Index with a rules-based overlay that adjusts exposure to the S&P 500^® Futures Excess Return Index on a daily basis. The objective of these rules, taken collectively, is to create an index that provides for volatility-adjusted exposure to the S&P 500^® Futures Excess Return Index, coupled with further adjustments based on calendar-based signals and price patterns, subject to a maximum exposure of 500% and a maximum daily change in leverage of 100%.

The calendar-based signals and price patterns include:

· a “mean reversion signal,” which is based upon the assumption that in the short-term, the underlying futures index will increase or decrease in value in the opposite direction of the short-term historical increases or decreases in its value;

· a “Federal Open Market Committee schedule (“FOMC”) signal,” which is based on the assumption that equities may outperform going into and on the days on which there is a scheduled release of a statement by the FOMC to announce monetary policies; and

· “turn-of-the-month signals,” which are based on the assumption that equities may mean revert during the final days of a given month if equities have performed negatively that month while the first days of a new month generally yield positive returns for equity securities.

The S&P 500^® Futures Excess Return Index measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract trading on the Chicago Mercantile Exchange.

We have derived all information contained in this index supplement addendum regarding the index from publicly available information. Additional information about the index is available on the following website: https://www.spglobal.com/spdji/en/indices/multi-asset/sp-500-futures-40-vt-adaptive-response-index/#overview. We are not incorporating by reference the website or any material it includes in this index supplement addendum.

Quick Facts
Sponsor	S&P Dow  Jones Indices  LLC
Calculation Agent	S&P Dow Jones Indices LLC
Index Currency	USD
Reuters Ticker	.SPAR4VE
Bloomberg Ticker	SPAR4VE
Rebalancing	Daily
Geographical Coverage	US
Type	Excess Return
Launch Date	December 27, 2024
History Available Since  	January 4, 2000

Historical Performance, Annualized Return and Annualized Volatility*

The graph below shows the daily historical closing levels of the index from January 2, 2020 through June 30, 2025 (historical closing levels appear to the right of the vertical solid line marker), and the following table provides the annualized return and annualized volatility of the index for each applicable period ended June 30, 2025. As a result, this information 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.

 

 	Annualized Return**	Annualized Volatility***
1 Year*	-23.21%	48.20%
3 Years*	14.64%	41.86%
5 Years*	20.98%	41.61%
Since January 2, 2020*	13.91%	42.87%

* Historical information begins December 27, 2024 (the index launch date). Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s website, without independent verification. You should not take the hypothetical performance data or historical performance data as an indication of future performance.

**  Annualized return represents the average rate of return per annum of the index during the applicable time period.

*** Annualized volatility is a measure of the historical variability of returns of the index during the applicable time period.

 

Your investment in securities linked to the index involves certain risks. See “Selected Risk Factors” on page S-4 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 applicable general terms supplement, if any, the accompanying S&P 500^® Futures Adaptive Response Indices Supplement No. 1, 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

July 2025 S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum dated July 8, 2025.

 

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July 2025 S&P 500^® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated July 8, 2025

 

Comparative Performance Data

 

Index Performance Compared to the S&P 500^® Futures Excess Return Index and the S&P 500^® Index*

 

For comparative purposes, the graph below shows the performance, from January 2, 2020 through June 30, 2025, of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500^® Futures Excess Return Index and the S&P 500^® Index.

 

For comparative purposes, each of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500^® Futures Excess Return Index and the S&P 500^® Index have been adjusted to have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by that index’s closing level on January 2, 2020 and multiplying the quotient by 100.00.  

 

Comparative Performance of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER (SPAR4VE) and the S&P 500^® Futures Excess Return Index (SPXFP) and the S&P 500^® Index (SPX)

 

 

* Historical information for the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s website, without independent verification. You should not take the hypothetical performance data or historical performance data as an indication of future performance.

 

Index Annualized Return Compared to the S&P 500^® Futures Excess Return Index and the S&P 500^® Index*

 

The following table provides a comparison of the annualized returns of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500^® Futures Excess Return Index and the S&P 500^® Index for the applicable period ended June 30, 2025.

 

Comparison of Annualized Returns of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500^® Futures Excess Return Index and the S&P 500^® Index**

 

 	1 Year	3 Years	5 Years	Since January 2, 2020
S&P 500® Index	13.63%	17.91%	14.89%	12.45%
S&P 500® Futures Excess Return Index	8.78%	13.59%	12.78%	10.66%
S&P 500® Futures 40% VT Adaptive Response Index (USD) ER	-23.21%*	14.64%*	20.98%*	13.91%*

 

* Historical information begins December 27, 2024 (the index launch date). Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s website, without independent verification. You should not take the hypothetical performance data or historical performance data as an indication of future performance.

** 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.

 

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July 2025 S&P 500^® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated July 8, 2025

 

Index Annualized Volatility Compared to the S&P 500^® Futures Excess Return Index and the S&P 500^® Index*

 

The following graph provides a comparison of the annualized volatility of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500^® Futures Excess Return Index and the S&P 500^® Index from January 2, 2020 through June 30, 2025.

 

Comparison of Annualized Volatility of the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER (SPAR4VE), the S&P 500^® Futures Excess Return Index (SPXFP) and the S&P 500^® Index (SPX)**

 

 

* Historical information for the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s website, without independent verification. You should not take the hypothetical performance data or historical performance data as an indication of future performance.

 

** For each day, 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 a 60 business day look-back period.

 

Index Exposure to the S&P 500^® Futures Excess Return Index*

 

The following graph displays the percentage of index exposure to the S&P 500^® Futures Excess Return Index and the performance the S&P 500^® Futures Excess Return Index during the period from January 2, 2020 through June 30, 2025. The percentage of index exposure to the S&P 500^® Futures Excess Return Index on June 30, 2025 is 243.64%. The S&P 500^® Futures Excess Return Index has been adjusted to have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by such index’s closing level on January 2, 2020 and multiplying the quotient by 100.00.  

 

Percentage of Index Exposure to the S&P 500^® Futures Excess Return Index

 

 

* Historical information for the S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s website, without independent verification. You should not take the hypothetical performance data or historical performance data as an indication of future performance.

 

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July 2025 S&P 500^® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated July 8, 2025

 

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 S&P 500^® Futures Adaptive Response Indices Supplement No. 1, 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 S&P 500^® Futures Adaptive Response Indices Supplement No. 1. References below to: (1) “underlying futures index” mean the "S&P 500^® Futures Excess Return Index"; (2) “reference index” mean the “S&P 500^® Index”; and (3) "underlier stock" refer to the stocks that comprise the reference index.

 

· 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

 

· 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

 

· The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors

 

· If the Value of an Index Changes, the Market Value of Your Securities May Not Change in the Same Manner

 

· You Have No Rights in Any Futures Contract Tracked By the S&P 500^® Futures Excess Return Index

 

· You Have No Shareholder Rights or Rights to Receive Any Underlier Stock

 

· Past Performance is No Guide to Future Performance

 

· Securities Linked to the Index Are Not Suitable For All Investors and Should Be Purchased Only By Investors Who Understand Leverage Risk; the Index May Have Leveraged Exposure to the Underlying Futures Index in Falling Stock Markets

 

· The Index Is Subject to Risks Associated With Leveraged Exposure and There Is a Greater Risk You Will Receive Less Than the Face Amount of Your Securities Relative to Securities Linked to the Underlying Futures Index, Assuming All Other Terms Remain the Same

 

· The Index is Subject to Risks Associated with a Cap on the Daily Change in Leverage

 

· There Is No Assurance that Calculating Realized Volatility as the Average of Short-Term Volatility and Long-Term Volatility Is the Best Way to Measure Realized Volatility

 

· There Is No Guarantee that the Index Will Achieve the Volatility Target

 

· The Index is Subject to Risks Associated with the Use of Signals

 

· The Index is Subject to Risks Associated with Turn-of-the-Month Signals

 

· The Index is Subject to Risks Associated with the Mean Reversion Signal

 

· The Index is Subject to Risks Associated with the Federal Open Markets Committee Schedule Signal

 

· The Index May Be Significantly Uninvested

 

· The Index May Realize Significant Losses if It Is Not Consistently Successful in Increasing Exposure to the Underlying Futures Index in Advance of Increases in the Underlying Futures Index and Reducing Exposure to the Underlying Futures Index in Advance of Declines in the Underlying Futures Index

 

· The Index May Not Be Successful or Outperform Any Alternative Strategy that Might Be Employed in Respect of the Underlying Futures Index

 

· An Affiliate of GS Finance Corp. Coordinated with the Index Sponsor in the Development of the Index

 

· The Index Has a Limited Operating History

 

· If the Closing Level of the Index Becomes Zero or Negative, the Closing Level of the Index Will Remain Zero, Which Could Adversely Impact the Amount Payable on Your Securities and You May Lose Your Entire Investment in the Securities

 

· Under Certain Circumstances, Your Securities May Have a Higher Risk of Automatic Redemption Than Securities Linked to the Underlying Futures Index

 

· The Underlying Futures Index Is Expected to Underperform the Total Return Performance of the S&P 500^® Index Because of an Implicit Financing Cost

 

· The Policies of the Index Sponsor and Changes that Affect the Underlying Futures Index or the Securities Comprising the Reference Index Could Affect the Payment Amount on Your Securities and Their Market Value

 

· Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises the Reference Index, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in

 

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July 2025 S&P 500^® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated July 8, 2025

 

Business With, the Issuers of Securities Comprising the Reference Index or Own the Underlying Asset, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Index

 

· Linking to an Equity Futures Contract Is Different from Linking to the Index or the Underlying Futures Index

 

· Negative Roll Yields Will Adversely Affect the Level of the Index Over Time and Therefore the Amount Payable on the Securities

 

· Futures Contracts Are Not Assets with Intrinsic Value

 

· You Have No Rights in Any Futures Contract Tracked By the Underlying Futures Index

 

· Owning the Securities Is Not the Same as Directly Owning the Index Stocks or Futures Contract Directly or Indirectly Tracked by the Underlying Futures Index

 

· Suspension or Disruptions of Market Trading in Stocks or Futures Contracts May Adversely Affect the Value of the Securities

 

About This Index Supplement Addendum

 

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.

 

This index supplement addendum constitutes a supplement to the documents listed below and therefore should be read in conjunction with such documents:

 

·   S&P 500^® Futures Adaptive Response Indices Supplement No. 1 dated February 18, 2025

 

·   Prospectus Supplement dated February 14, 2025

 

·   Prospectus dated February 14, 2025

 

 

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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 S&P 500^® Futures Adaptive Response Indices Supplement No. 1, 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 S&P 500^® Futures Adaptive Response Indices Supplement No. 1, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

 

TABLE OF CONTENTS

 

July 2025 S&P 500^® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum dated July 8, 2025

 

S&P 500® Futures 40% VT Adaptive Response Index (USD) ER	S-1
Comparative Performance Data	S-2
Selected Risk Factors	S-4
About This Index Supplement Addendum	S-5

 

 

FAQ

What is the ticker for the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER?

The Bloomberg ticker is SPAR4VE and the Reuters RIC is .SPAR4VE.

How has the Adaptive Response Index performed over the past year compared with the S&P 500 Index?

For the 12 months ending 30 Jun 2025, the Adaptive Response Index returned -23.21% versus +13.63% for the S&P 500 Index.

What is the maximum leverage allowed in the index methodology?

Exposure to the underlying futures index can range from 0% to 500%, with a cap of 100% change in leverage per day.

When was the index officially launched?

The live index launch date was 27 December 2024.

Who is responsible for calculating and sponsoring the index?

Both the sponsor and calculation agent are S&P Dow Jones Indices LLC.

Are the notes insured or guaranteed by any government agency?

No. The securities are not FDIC-insured and carry the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.