Goldman Sachs notes tied to Dow futures index

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp., is offering securities whose performance is linked to the Dow Jones Industrial Average Futures Excess Return Index (Bloomberg: DJIAFP).

Rhea-AI Filing Summary

GOLDMAN SACHS GROUP INC (GS), through GS Finance Corp., is offering securities whose performance is linked to the Dow Jones Industrial Average Futures Excess Return Index (Bloomberg: DJIAFP). This index tracks the nearest maturing quarterly E-mini Dow ($5) futures contract traded on the Chicago Mercantile Exchange and is calculated and maintained by S&P Dow Jones Indices LLC.

The index has a base date of June 14, 2002 with a base value of 100 and is quoted in USD. As of August 3, 2026, annualized returns were 18.56% over 1 year, 10.77% over 3 years, 6.17% over 5 years, and 8.52% since January 4, 2021, with corresponding annualized volatilities between about 12.6% and 14.9%.

Comparative data show that over the same periods the Dow Jones Industrial Average® and the S&P 500® Index had higher annualized returns than this futures excess return index. The supplement highlights multiple risks, including credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., lack of dividends and shareholder rights, futures-specific risks such as negative roll yields, and the possibility that market value of the securities may be influenced by many unpredictable factors.

Filing Explained

Although the supplement is an offer to sell securities linked to the Dow Jones Industrial Average Futures Excess Return Index, it only says the issuer may use it for an initial sale and affiliates may use it for later market-making; it does not establish that securities were sold or provide transaction-specific terms.

Key Figures

Base Value: 100 1-Year Annualized Return: 18.56% 1-Year Annualized Volatility: 12.63% +5 more

8 metrics

Base Value 100 Index base value on June 14, 2002

1-Year Annualized Return 18.56% For the period ended August 3, 2026

1-Year Annualized Volatility 12.63% For the period ended August 3, 2026

3-Year Annualized Return 10.77% For the period ended August 3, 2026

5-Year Annualized Return 6.17% For the period ended August 3, 2026

Since Jan 4, 2021 Annualized Return 8.52% From January 4, 2021 through August 3, 2026

Launch Date April 8, 2015 Index launch date

History Available Since June 14, 2002 Start of available index history

Key Terms

Excess Return, annualized volatility, geometric average, negative roll yields, +1 more

5 terms

Excess Return financial

"Type | Excess Return"

annualized volatility financial

"Annualized volatility is a measure of the historical variability"

A measure of how much a security's returns tend to fluctuate over a one‑year period, expressed as the standard deviation of returns scaled to a year. It gives investors a sense of the typical size of price swings (think of it as how “bumpy” a ride would be if short‑term ups and downs were projected over a full year), and is used to compare risk, size positions, and price derivatives.

geometric average financial

"calculated as the geometric average of the percentage change"

negative roll yields financial

"Negative Roll Yields Will Adversely Affect the Level"

credit risk financial

"subject to the Credit Risk of GS Finance Corp., as Issuer"

Credit risk is the chance that a borrower or debt issuer will fail to make agreed interest or principal payments, leaving lenders or bondholders with reduced or lost money. For investors it matters because higher credit risk usually means higher expected returns to compensate for that danger, greater chance of losses or sudden drops in market value, and more scrutiny of ratings and cash-flow strength—like lending a friend money and weighing the odds they'll pay you back.

Offering Details

shelf

Offering

Offering Type shelf

FAQ

What does the DJIA Futures Excess Return Index linked to GS (symbol GS) track?

It tracks the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract (symbol YM) on the Chicago Mercantile Exchange, with a base value of 100 on June 14, 2002, as calculated by S&P Dow Jones Indices LLC.

What are the recent annualized returns for the DJIAFP Index mentioned by GS?

As of August 3, 2026, annualized returns were 18.56% for 1 year, 10.77% for 3 years, 6.17% for 5 years, and 8.52% since January 4, 2021, based on geometric averages of the index’s percentage changes.

How volatile has the DJIA Futures Excess Return Index been according to GS?

As of August 3, 2026, annualized volatility was 12.63% over 1 year, 13.72% over 3 years, 14.87% over 5 years, and 14.63% since January 4, 2021, using the sample standard deviation of daily logarithmic returns.

How does the DJIAFP Index performance compare with the S&P 500 and Dow Jones Industrial Average?

For the period ended August 3, 2026, the DJIAFP Index’s annualized returns (e.g., 6.17% over 5 years) were lower than those of the S&P 500® (11.44% over 5 years) and the Dow Jones Industrial Average® (8.65% over 5 years).

What key risks does GS highlight for securities linked to the DJIAFP Index?

Key risks include credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential divergence between underlier value and security value, no dividends or shareholder rights, futures-related risks such as negative roll yields, and possible trading disruptions in stocks or futures.

Are GS securities linked to the DJIAFP Index insured or approved by regulators?

No. The securities are not bank deposits, are not insured by the FDIC or any governmental agency, and neither the SEC nor any other regulatory body has approved or disapproved the securities or passed on the adequacy of the offering documents.

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Available on EDGAR 08/27/2026 - 07:58 AM Accepted by SEC EDGAR 08/26/2026 - 05:18 PM Learn about SEC filing dates

August 2026 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. 333-284538 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.

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.


	Quick Facts			Historical Performance			
	Sponsor	S&P Dow  Jones Indices  LLC		The graph below shows the daily historical closing levels of the index from January 4, 2021 through August 3, 2026. 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.
	Calculation Agent	S&P Dow Jones Indices LLC		 
	Index Currency	USD
	Bloomberg Ticker	DJIAFP
	Rebalancing	Quarterly
	Index Members	Variable
	Geographical Coverage	US
				Annualized Return and Annualized Volatility
	Type	Excess Return		The following table provides the annualized return and annualized volatility of the index for each applicable period ended August 3, 2026. 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.
	Launch Date	April 8, 2015			Annualized Return	Annualized Volatility
	History Available Since	June 14, 2002		1 Year	18.56%	12.63%
				3 Years	10.77%	13.72%
				5 Years	6.17%	14.87%
				Since January 4, 2021	8.52%	14.63%
	

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

August 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement dated August 26, 2026.

S-1

August 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated August 26, 2026

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 4, 2021 through August 3, 2026, 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 4, 2021 by dividing the applicable closing level on each day by that index’s closing level on January 4, 2021 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 August 3, 2026. 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

	1 Year	3 Years	5 Years	Since January 4, 2021
S&P 500® Index	21.84%	19.07%	11.44%	13.77%
Dow Jones Industrial Average®	22.00%	14.73%	8.65%	10.66%
Dow Jones Industrial Average Futures Excess Return Index	18.56%	10.77%	6.17%	8.52%

S-2

August 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated August 26, 2026

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. 49, 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. 49. References below to “reference equity index” mean the “Dow Jones Industrial Average®”.

•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 Underlier Changes, the Market Value of Your Securities May Not Change in the Same Manner

•The Return on Your Securities Will Not Reflect Any Dividends Paid on Any Underlier Stock

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

•Past Performance is No Guide to Future Performance

•The Policies of the Underlier Sponsor and Changes That Affect the Equity Futures Index or the Securities Comprising the Reference Equity 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 Equity Index, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in Business With, the Issuers of Securities Comprising the Reference Equity Index or Own the Underlying Futures Contracts, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Equity Index

•Linking to an Equity Futures Contract Is Different From Linking to the Applicable Reference Equity Index

•Negative Roll Yields Will Adversely Affect the Level of the Equity Futures 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 Dow Jones Industrial Average Futures Excess Return Index, the Nasdaq-100 Futures Excess Return™ Index, the Russell 2000® Futures Excess Return Index or the S&P 500® Futures Excess Return Index, As Applicable

•Owning the Securities Is Not the Same as Directly Owning the Securities or Futures Contract Directly or Indirectly Tracked by the Dow Jones Industrial Average Futures Excess Return Index, the Nasdaq-100 Futures Excess Return™ Index, the Russell 2000® Futures Excess Return Index or the S&P 500® Futures Excess Return Index

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

S-3

August 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement Dated August 26, 2026

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:

•Underlier supplement no. 49 dated June 24, 2026

•Prospectus supplement dated February 14, 2025

•Prospectus dated February 14, 2025

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. 49, 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. 49, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

TABLE OF CONTENTS

August 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement dated August 26, 2026
Dow Jones Industrial Average Futures Excess Return Index	S-1
Comparative Performance Data	S-2
Selected Risk Factors	S-3
About This Index Supplement	S-4