Goldman Sachs details Nasdaq-100 tech index notes

Goldman Sachs Finance Corp. is offering securities whose performance is linked to the Nasdaq-100 Technology Sector Index (NDXT), an equal-weight, price-return index of Nasdaq-100 companies classified as Technology under the Industry Classification Benchmark.

Rhea-AI Filing Summary

Goldman Sachs Finance Corp. is offering securities whose performance is linked to the Nasdaq-100 Technology Sector Index (NDXT), an equal-weight, price-return index of Nasdaq-100 companies classified as Technology under the Industry Classification Benchmark. The index launched on February 22, 2006 with a base value of 1000.00 and is calculated in USD by Nasdaq, Inc.

For the period ended July 1, 2026, the index showed annualized returns of 54.23% over 1 year, 30.34% over 3 years, 15.67% over 5 years and 17.19% since January 4, 2021, with annualized volatility around the high 20%–30% range. Over the same horizons, these returns exceeded those of both the Nasdaq-100 Index and the S&P 500 Index.

The securities entail multiple risks: exposure to GS Finance Corp. and The Goldman Sachs Group, Inc. credit risk, tech-sector and foreign market concentration, index sponsor discretion, lack of dividends and shareholder rights, and potential divergence between index moves and security market value. They are not bank deposits and are not FDIC insured.

Key Figures

Index base value: 1000.00 NDXT 1-year annualized return: 54.23% NDXT 1-year annualized volatility: 27.22% +5 more

8 metrics

Index base value 1000.00 Base value of the Nasdaq-100 Technology Sector Index on February 22, 2006

NDXT 1-year annualized return 54.23% Annualized return for 1-year period ended July 1, 2026

NDXT 1-year annualized volatility 27.22% Annualized volatility for 1-year period ended July 1, 2026

NDXT 3-year annualized return 30.34% Annualized return for 3-year period ended July 1, 2026

NDXT 5-year annualized return 15.67% Annualized return for 5-year period ended July 1, 2026

S&P 500 1-year annualized return 20.74% Annualized return for 1-year period ended July 1, 2026

Nasdaq-100 1-year annualized return 32.61% Annualized return for 1-year period ended July 1, 2026

NDXT since Jan 4, 2021 return 17.19% Annualized return since January 4, 2021 through July 1, 2026

Key Terms

price return index, equal weighted index, Industry Classification Benchmark, annualized volatility, +2 more

6 terms

price return index financial

"The index is a “price return” index and is an equal weighted index."

equal weighted index financial

"The index is a “price return” index and is an equal weighted index."

Industry Classification Benchmark financial

"classified as a Technology company according to the Industry Classification Benchmark (ICB)."

A standardized system that groups companies into industries and sectors based on their main business activities, like a library catalog that puts similar books together. It matters to investors because it enables fair comparisons between peers, guides portfolio construction and sector allocation, determines which stocks belong in industry indexes or ETFs, and helps track industry-level risks and performance trends.

annualized volatility financial

"The following table provides the annualized return and annualized volatility of the index"

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

"Annualized return represents the average rate of return per annum, calculated as the geometric average"

sample standard deviation financial

"volatility is ... multiplied by the sample standard deviation of the daily logarithmic returns"

Offering Details

shelf

Offering

Offering Type shelf

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Goldman Sachs (GS) offering in this Nasdaq-100 Technology Sector Index supplement?

Goldman Sachs Finance Corp. is offering securities linked to the Nasdaq-100 Technology Sector Index (NDXT), an equal-weight technology-focused benchmark derived from Nasdaq-100 constituents. The securities’ payoff depends on index performance rather than direct ownership of underlying stocks or dividends.

How has the Nasdaq-100 Technology Sector Index performed according to GS (GS)?

For the period ended July 1, 2026, the index showed a 1-year annualized return of 54.23% and 3-year annualized return of 30.34%. Over 5 years, the annualized return was 15.67%, and since January 4, 2021 it was 17.19%, reflecting strong historical tech-sector performance.

How does NDXT compare to the Nasdaq-100 and S&P 500 in the GS (GS) document?

Over the 1-year period ended July 1, 2026, NDXT returned 54.23% versus 32.61% for the Nasdaq-100 Index and 20.74% for the S&P 500 Index. Across 3-year, 5-year and since-January-2021 horizons, NDXT’s annualized returns also exceeded those of the other two indices.

What risks does Goldman Sachs (GS) highlight for securities linked to NDXT?

Key risks include credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., potential index volatility, tech-sector concentration, foreign securities exposure, and index sponsor discretion. Investors also forgo dividends and shareholder rights in underlying stocks and face unpredictable secondary market values.

>Are the GS (GS) NDXT-linked securities protected by FDIC insurance or bank guarantees?

No. The securities are not bank deposits, are not insured by the FDIC or any governmental agency, and are not obligations of, or guaranteed by, a bank. Repayment depends on the credit of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor.

What does the annualized volatility of the Nasdaq-100 Technology Sector Index indicate in the GS (GS) filing?

For the period ended July 1, 2026, NDXT’s 1-year annualized volatility was 27.22%, with roughly 27%–30% ranges over longer horizons. This metric, based on daily logarithmic returns, reflects historically high variability in index performance and thus potential price swings in linked securities.

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Available on EDGAR 08/12/2026 - 07:10 PM Accepted by SEC EDGAR 07/27/2026 - 05:20 PM Learn about SEC filing dates

July 2026 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. 333-284538 Filed Pursuant to Rule 424(b)(3) Registration Statement No. 333-284538

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

Nasdaq-100 Technology Sector Index

Overview

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.

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.

	Quick Facts		Historical Performance
	Sponsor	Nasdaq, Inc.	The graph below shows the daily historical closing levels of the index from January 4, 2021 through July 1, 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	Nasdaq, Inc.
	Index Currency	USD	Annualized Return and Annualized Volatility
	Reuters Ticker	.NDXT
	Bloomberg Ticker	NDXT
	Rebalancing	Quarterly
	Index Members	Variable
	Geographical Coverage	US		The following table provides the annualized return and annualized volatility of the index for each applicable period ended July 1, 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.
	Type	Price Return
	Launch Date	February 22, 2006
					Annualized Return	Annualized Volatility
				1 Year	54.23%	27.22%
	History Available Since	February 22, 2006		3 Years	30.34%	27.44%
				5 Years	15.67%	30.20%
				Since January 4, 2021	17.19%	30.09%

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

July 2026 Nasdaq-100 Technology Sector Index Supplement dated July 27, 2026.

S-1

July 2026 Nasdaq-100 Technology Sector Index Supplement Dated July 27, 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 July 1, 2026, 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 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 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)

S-2

July 2026 Nasdaq-100 Technology Sector Index Supplement Dated July 27, 2026

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 July 1, 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 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

	1 Year	3 Years	5 Years	Since January 4, 2021
S&P 500® Index	20.74%	18.91%	11.61%	13.69%
Nasdaq-100 Index®	32.61%	25.23%	15.41%	16.83%
Nasdaq-100 Technology Sector Index	54.23%	30.34%	15.67%	17.19%

S-3

July 2026 Nasdaq-100 Technology Sector Index Supplement Dated July 27, 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.

•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

•Your Investment in the Securities Is Subject to Concentration Risks

•The Policies of the Applicable Underlier Sponsor and Changes that Affect Such Underlier, or the Underlier Stocks Comprising Such Underlier, Could Affect the Amount Payable on Your Securities and Their Market Value

•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 Issuers of the Underlier Stocks, There Is No Affiliation Between the Issuers of the Underlier Stocks or Such Underlier Sponsor and Us

•Your Investment in the Securities Will Be Subject to Risks Associated with Foreign Securities Markets

•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

•The Nasdaq-100 Technology Sector Index is Concentrated in the Technology Industry and Does Not Provide Diversified Exposure

•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

S-4

July 2026 Nasdaq-100 Technology Sector Index Supplement Dated July 27, 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

•Applicable prospectus supplement:

oFor notes: prospectus supplement dated February 14, 2025

oFor warrants: prospectus supplement dated February 14, 2025

•Prospectus dated February 14, 2025

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.

S-5

TABLE OF CONTENTS

July 2026 Nasdaq-100 Technology Sector Index Supplement dated July 27, 2026
Nasdaq-100 Technology Sector Index	S-1
Comparative Performance Data	S-2
Selected Risk Factors	S-4
About This Index Supplement	S-5