S&P 500® Futures Index Supplement (GS) — Performance, Risks, May 2026

Rhea-AI Filing Summary

GS Finance Corp. supplement describes the S&P 500® Futures Excess Return Index (Bloomberg: SPXFP), which tracks the nearest-maturing quarterly E-mini S&P 500 futures contract on the CME. The supplement lists index mechanics, historical annualized returns and volatilities through May 1, 2026, key risks such as negative roll yields and credit exposure to GS Finance Corp. and The Goldman Sachs Group, Inc., and disclosure that past performance is not indicative of future results.

Insights

Structured Products Analyst

Index-linked notes expose holders to futures roll and issuer credit risk.

The document clarifies that the index measures returns of the nearest-maturity E-mini S&P 500 futures contract and reports annualized returns and volatilities through May 1, 2026. It highlights negative roll yield as a structural headwind for long futures exposure and notes that dividends on the reference equity index are not captured.

Cash-flow treatment and final payoff mechanics depend on the applicable pricing supplement; timing and transaction specifics are provided in those product-level documents.

Index Methodology Specialist

The index is maintained by S&P Dow Jones Indices LLC with quarterly rebalancing.

The supplement states the index has a base date of September 9, 1997 and a launch date of August 11, 2010. Calculation methodology notes include use of daily logarithmic returns for volatility and geometric averaging for annualized return.

Investors should reference the index provider for full methodology; the supplement notes data sources (Bloomberg) and disclaims incorporation of the provider website into the supplement.

Key Figures

1-year annualized return (Index): 24.81% 1-year annualized volatility (Index): 12.54% 1-year annualized return (S&P 500® Index): 29.01% +2 more

5 metrics

1-year annualized return (Index) 24.81% Period ended May 1, 2026

1-year annualized volatility (Index) 12.54% Period ended May 1, 2026

1-year annualized return (S&P 500® Index) 29.01% Period ended May 1, 2026 (comparative)

Index base date September 9, 1997 Base value = 100

Index launch date August 11, 2010 Launch of futures excess return series

Key Terms

Excess Return Index, Negative Roll Yields, Calculation Agent, Annualized Volatility

4 terms

Excess Return Index financial

"measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract"

Negative Roll Yields financial

"Negative Roll Yields Will Adversely Affect the Level of the Equity Futures Index Over Time"

Calculation Agent regulatory

"Calculation Agent | S&P Dow Jones Indices LLC"

Annualized Volatility financial

"Annualized volatility is a measure of the historical variability of returns"

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

May 2026 S&P 500® 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.

S&P 500® Futures Excess Return Index

Overview

This section constitutes only a brief overview of the S&P 500® Futures Excess Return Index. The index is described in more detail under “The Underliers — S&P 500® Futures Excess Return Index” in the underlier supplement referred to in “About This Index Supplement” below.

The S&P 500® Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”), which we also refer to in this index supplement as the “index,” measures the performance of the nearest maturing quarterly E-mini S&P 500 futures contract trading on the Chicago Mercantile Exchange. The S&P 500® Index includes a representative sample of 500 companies in leading industries of the U.S. economy.

The index has a base date of September 9, 1997, 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/strategy/sp-500-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 May 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	S&P Dow Jones Indices LLC		 
	Index Currency	USD
	Reuters Ticker	.SPXFP
	Bloomberg Ticker	SPXFP
	Rebalancing	Quarterly
	Index Members	Variable
				Annualized Return and Annualized Volatility
	Geographical Coverage	US		The following table provides the annualized return and annualized volatility of the index for each applicable period ended May 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	Excess Return			Annualized Return	Annualized Volatility
	Launch Date	August 11, 2010		1 Year	24.81%	12.54%
	History Available Since	September 9, 1997		3 Years	15.35%	14.82%
				5 Years	8.70%	16.83%
				Since January 4, 2021	10.74%	16.71%
	


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

May 2026 S&P 500® Futures Excess Return Index Supplement dated May 26, 2026.

S-1

May 2026 S&P 500® Futures Excess Return Index Supplement Dated May 26, 2026

Comparative Performance Data

Index Performance Compared to its Parent Index

For comparative purposes, the graph below shows the performance, from January 4, 2021 through May 1, 2026, of the S&P 500® Futures Excess Return Index (in black) and the S&P 500® Index (in blue).

For comparative purposes, each of 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 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 S&P 500® Futures Excess Return Index, or the correlation (if any) between the level of the S&P 500® Futures E xcess Return Index and the level of the S&P 500® Index.

Comparative Performance of the S&P 500® Futures Excess Return Index (SPXFP) and the S&P 500® Index (SPX)

Index Annualized Return Compared to its Parent Index

The following table provides a comparison of the annualized returns of the S&P 500® Futures Excess Return Index and the S&P 500® Index for the applicable period ended May 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 S&P 500® Futures Excess Return Index.

Comparison of Annualized Returns of the S&P 500® Futures Excess Return Index and the S&P 500® Index

	1 Year	3 Years	5 Years	Since January 4, 2021
S&P 500® Index	29.01%	20.16%	11.58%	13.42%
S&P 500® Futures Excess Return Index	24.81%	15.35%	8.70%	10.74%

S-2

May 2026 S&P 500® Futures Excess Return Index Supplement Dated May 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. 48, 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. 48. References below to “reference equity index” mean the “S&P 500® 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 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

May 2026 S&P 500® Futures Excess Return Index Supplement Dated May 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. 48 dated March 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. 48, 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. 48, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

TABLE OF CONTENTS

May 2026 S&P 500® Futures Excess Return Index Supplement dated May 26, 2026
S&P 500® Futures Excess Return Index	S-1
Comparative Performance Data	S-2
Selected Risk Factors	S-3
About This Index Supplement	S-4

FAQ

What is the S&P 500® Futures Excess Return Index (GS)?

The index tracks the nearest-maturing quarterly E-mini S&P 500 futures contract trading on the CME. It has a base date of September 9, 1997 and is published by S&P Dow Jones Indices LLC.

How did the index perform over the past year and five years?

For the period ended May 1, 2026, the index shows a 1-year annualized return of 24.81% and a 5-year annualized return of 8.70%. Historical volatility figures are provided alongside returns.

What are the main risks of securities linked to this index (GS)?

Key risks include issuer and guarantor credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., exposure to negative roll yields, and that returns do not reflect dividends on the reference equity index.

Who calculates and publishes the index used in GS products?

The index is calculated, maintained and published by S&P Dow Jones Indices LLC. The supplement states data presented were obtained from Bloomberg without independent verification.

Does the index performance equal the S&P 500® Index performance?

No. The supplement compares both indices; for example, the S&P 500® Index shows a 1-year annualized return of 29.01% versus the futures excess return index 24.81% for the period ended May 1, 2026.