[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs (GS) is marketing an autocallable, contingent-coupon structured note linked to the worst-performing of Super Micro Computer (SMCI) and MicroStrategy (MSTR) common shares. The $1,000-denominated securities are expected to price on 18-Jul-2025, settle on 23-Jul-2025 and mature on 21-Jul-2028, unless automatically called earlier.
Income potential: Investors earn a quarterly contingent coupon of ≥ 8.9625% of face (35.85% p.a.) when the lowest underlying closes at or above 60 % of its starting price on the relevant calculation day. A “memory” feature pays any previously missed coupons once the trigger is satisfied.
Early redemption: Beginning January 2026, if the worst-performing share closes at or above its starting price on any quarterly calculation day, the notes are automatically called at par plus that quarter’s coupon (and any deferred coupons).
Principal risk: If the note is not called and, on the final calculation day, the worst-performing share is below 60 % of its starting price, investors receive $1,000 × performance factor, exposing them to full downside beyond the 40 % buffer. Investors therefore face a potential loss of more than 40 % and up to 100 % of principal.
Credit & valuation: The notes are senior unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The preliminary estimated value is $925-$955 per $1,000, reflecting an initial value shortfall and embedded fees (underwriting discount up to 2.325 % plus additional selling concessions).
- Underlying selection: SMCI and MSTR are historically volatile equities, increasing the probability of coupon suspension and principal loss.
- Liquidity: No exchange listing is planned; secondary trading, if any, will be limited and may be at prices below the estimated value.
Investors seeking high income and willing to accept significant equity and credit risk may find the structure attractive; however, the combination of high volatility underlyings, sizeable fees, and downside exposure demands careful risk assessment.
Goldman Sachs (GS) propone un'obbligazione strutturata autocallable con cedola condizionata legata all'azione peggiore tra Super Micro Computer (SMCI) e MicroStrategy (MSTR). I titoli, denominati in $1.000, dovrebbero essere quotati il 18-lug-2025, regolati il 23-lug-2025 e scadere il 21-lug-2028, salvo richiamo anticipato automatico.
Potenziale di rendimento: Gli investitori percepiscono una cedola trimestrale condizionata di almeno 8,9625% del valore nominale (35,85% annuo) se l’azione peggiore chiude al 60% o più del prezzo iniziale nella data di calcolo. La funzione “memory” consente di recuperare eventuali cedole non pagate precedentemente una volta soddisfatta la condizione.
Rimborso anticipato: Da gennaio 2026, se l’azione peggiore chiude al prezzo iniziale o superiore in una data di calcolo trimestrale, i titoli vengono richiamati automaticamente a valore nominale più la cedola del trimestre (inclusi eventuali pagamenti differiti).
Rischio sul capitale: Se il titolo non viene richiamato e alla data finale l’azione peggiore è inferiore al 60% del prezzo iniziale, l’investitore riceve $1.000 × fattore di performance, esponendosi a una perdita superiore al 40% fino al 100% del capitale.
Credito e valutazione: I titoli sono obbligazioni senior non garantite di GS Finance Corp., garantite incondizionatamente da The Goldman Sachs Group, Inc. Il valore stimato preliminare è tra $925 e $955 per $1.000, riflettendo uno sconto iniziale e commissioni incorporate (sconto di sottoscrizione fino al 2,325% più ulteriori concessionari di vendita).
- Selezione degli underlying: SMCI e MSTR sono azioni storicamente volatili, aumentando la probabilità di sospensione delle cedole e perdita del capitale.
- Liquidità: Non è prevista quotazione in borsa; il trading secondario, se presente, sarà limitato e potrà avvenire a prezzi inferiori al valore stimato.
Gli investitori che cercano elevati redditi e accettano rischi significativi di equity e credito potrebbero trovare interessante questa struttura, ma la combinazione di alta volatilità, commissioni elevate e rischio di perdita richiede un’attenta valutazione del rischio.
Goldman Sachs (GS) está comercializando un bono estructurado autocancelable con cupón contingente vinculado a la acción con peor desempeño entre Super Micro Computer (SMCI) y MicroStrategy (MSTR). Los valores, denominados en $1,000, se esperan cotizar el 18-jul-2025, liquidar el 23-jul-2025 y vencer el 21-jul-2028, salvo que se cancelen automáticamente antes.
Potencial de ingresos: Los inversionistas reciben un cupón trimestral contingente de al menos 8.9625% del valor nominal (35.85% anual) si la acción con peor desempeño cierra en o por encima del 60% de su precio inicial en el día de cálculo relevante. La función “memoria” paga cualquier cupón omitido previamente una vez que se cumple el disparador.
Redención anticipada: A partir de enero de 2026, si la acción con peor desempeño cierra en o por encima de su precio inicial en cualquier día de cálculo trimestral, los bonos se cancelan automáticamente al valor nominal más el cupón de ese trimestre (y cualquier cupón diferido).
Riesgo de principal: Si el bono no se cancela y en el día de cálculo final la acción con peor desempeño está por debajo del 60% de su precio inicial, los inversionistas reciben $1,000 × factor de desempeño, exponiéndose a una pérdida total que puede superar el 40% y llegar hasta el 100% del principal.
Crédito y valoración: Los bonos son obligaciones senior no garantizadas de GS Finance Corp. y están garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. El valor estimado preliminar es de $925-$955 por cada $1,000, reflejando un descuento inicial y comisiones incorporadas (descuento de suscripción hasta 2.325% más concesiones adicionales de venta).
- Selección del subyacente: SMCI y MSTR son acciones históricamente volátiles, aumentando la probabilidad de suspensión de cupones y pérdida de principal.
- Liquidez: No se planea cotización en bolsa; el comercio secundario, si existe, será limitado y puede ocurrir a precios por debajo del valor estimado.
Los inversionistas que buscan altos ingresos y están dispuestos a aceptar riesgos significativos de renta variable y crédito pueden encontrar atractiva esta estructura; sin embargo, la combinación de alta volatilidad en los subyacentes, comisiones considerables y exposición a pérdidas requiere una evaluación cuidadosa del riesgo.
골드만 삭스(GS)는 Super Micro Computer(SMCI)와 MicroStrategy(MSTR) 보통주 중 최저 성과 주식에 연동된 자동상환형 조건부 쿠폰 구조화 증권을 마케팅하고 있습니다. 1,000달러 단위로 발행되는 이 증권은 2025년 7월 18일에 가격이 책정되고, 2025년 7월 23일에 결제되며, 자동 상환되지 않는 한 2028년 7월 21일에 만기됩니다.
수익 잠재력: 최저 성과 주식이 해당 산정일에 시작 가격의 60% 이상으로 마감할 경우, 투자자는 분기별 조건부 쿠폰으로 명목금액의 8.9625% 이상(연 35.85%)를 받습니다. '메모리' 기능은 조건 충족 시 이전에 지급되지 않은 쿠폰도 지급합니다.
조기 상환: 2026년 1월부터 최저 성과 주식이 분기별 산정일에 시작 가격 이상으로 마감하면, 증권은 명목가에 해당 분기 쿠폰(및 연체 쿠폰 포함)을 더한 금액으로 자동 상환됩니다.
원금 위험: 증권이 상환되지 않고 최종 산정일에 최저 성과 주식이 시작 가격의 60% 미만일 경우, 투자자는 1,000달러 × 성과 계수를 받게 되어 40% 이상의 손실 위험에 노출됩니다. 즉, 투자자는 최대 100%까지 원금 손실 가능성이 있습니다.
신용 및 평가: 이 증권은 GS Finance Corp.의 선순위 무담보 채무이며, The Goldman Sachs Group, Inc.가 전액 무조건적으로 보증합니다. 초기 예상 가치는 명목가 1,000달러당 925~955달러로, 초기 가치 할인과 내장 수수료(최대 2.325%의 인수 할인 및 추가 판매 수수료)를 반영한 것입니다.
- 기초자산 선정: SMCI와 MSTR은 역사적으로 변동성이 큰 주식으로, 쿠폰 지급 중단 및 원금 손실 가능성을 높입니다.
- 유동성: 거래소 상장은 예정되어 있지 않으며, 2차 거래가 있을 경우 제한적이고 예상 가치보다 낮은 가격에 거래될 수 있습니다.
높은 수익을 추구하고 상당한 주식 및 신용 위험을 감수할 의향이 있는 투자자에게 매력적인 구조일 수 있으나, 높은 변동성, 상당한 수수료, 하방 위험이 결합되어 있어 신중한 위험 평가가 필요합니다.
Goldman Sachs (GS) commercialise une note structurée autocallable à coupon conditionnel liée à la performance la plus faible entre les actions ordinaires de Super Micro Computer (SMCI) et MicroStrategy (MSTR). Les titres, d’une valeur nominale de 1 000 $, devraient être prix le 18 juillet 2025, réglés le 23 juillet 2025 et arriver à échéance le 21 juillet 2028, sauf rappel automatique anticipé.
Potentiel de revenu : Les investisseurs perçoivent un coupon conditionnel trimestriel d’au moins 8,9625 % de la valeur nominale (35,85 % par an) si l’actif sous-jacent le plus faible clôture à au moins 60 % de son prix initial à la date de calcul pertinente. Une fonction « mémoire » permet de payer les coupons manqués dès que le seuil est atteint.
Remboursement anticipé : À partir de janvier 2026, si l’action la moins performante clôture à son prix initial ou au-dessus lors d’une date de calcul trimestrielle, les notes sont automatiquement rappelées à la valeur nominale plus le coupon du trimestre (et tout coupon différé).
Risque sur le capital : Si la note n’est pas rappelée et que, à la date de calcul finale, l’action la moins performante est inférieure à 60 % de son prix initial, les investisseurs reçoivent 1 000 $ × facteur de performance, s’exposant à une perte potentielle supérieure à 40 % et pouvant aller jusqu’à 100 % du capital.
Crédit et valorisation : Les notes sont des obligations senior non garanties de GS Finance Corp. et sont garanties de manière pleine et inconditionnelle par The Goldman Sachs Group, Inc. La valeur estimée préliminaire est comprise entre 925 $ et 955 $ pour 1 000 $, reflétant une décote initiale et des frais intégrés (décote de souscription jusqu’à 2,325 % plus concessions de vente supplémentaires).
- Sélection des sous-jacents : SMCI et MSTR sont des actions historiquement volatiles, ce qui augmente la probabilité de suspension des coupons et de perte en capital.
- Liquidité : Aucune cotation en bourse n’est prévue ; les transactions secondaires, le cas échéant, seront limitées et pourraient se faire à des prix inférieurs à la valeur estimée.
Les investisseurs recherchant un revenu élevé et acceptant des risques importants en actions et en crédit pourraient trouver cette structure attrayante ; toutefois, la combinaison de la forte volatilité des sous-jacents, des frais importants et de l’exposition au risque à la baisse nécessite une évaluation rigoureuse des risques.
Goldman Sachs (GS) bietet eine autocallable, kontingente Kupon strukturierte Note an, die an die am schlechtesten performende Aktie von Super Micro Computer (SMCI) und MicroStrategy (MSTR) gekoppelt ist. Die auf 1.000 $ lautenden Wertpapiere sollen am 18. Juli 2025 bepreist, am 23. Juli 2025 abgewickelt und am 21. Juli 2028 fällig werden, sofern sie nicht vorher automatisch zurückgerufen werden.
Einkommenspotenzial: Anleger erhalten einen vierteljährlichen kontingenten Kupon von mindestens 8,9625 % des Nennwerts (35,85 % p.a.), wenn die am schlechtesten performende Aktie am relevanten Berechnungstag bei mindestens 60 % des Startkurses schließt. Eine „Memory“-Funktion zahlt zuvor verpasste Kupons nach, sobald die Auslösebedingung erfüllt ist.
Vorzeitige Rückzahlung: Ab Januar 2026 werden die Notes automatisch zum Nennwert plus Kupon für das Quartal (und aufgelaufene Kupons) zurückgerufen, wenn die am schlechtesten performende Aktie an einem vierteljährlichen Berechnungstag auf oder über dem Startkurs schließt.
Kapitalrisiko: Wird die Note nicht zurückgerufen und schließt die am schlechtesten performende Aktie am letzten Berechnungstag unter 60 % des Startkurses, erhalten Anleger 1.000 $ × Performance-Faktor, wodurch sie einem vollständigen Abwärtsrisiko jenseits des 40 %-Puffers ausgesetzt sind. Investoren tragen somit ein potenzielles Verlustrisiko von mehr als 40 % bis hin zu 100 % des Kapitals.
Kredit & Bewertung: Die Notes sind unbesicherte Seniorverbindlichkeiten der GS Finance Corp. und werden uneingeschränkt von The Goldman Sachs Group, Inc. garantiert. Der vorläufig geschätzte Wert liegt bei 925–955 $ pro 1.000 $, was einen anfänglichen Wertabschlag und eingebettete Gebühren (Zeichnungsabschlag bis zu 2,325 % plus zusätzliche Verkaufsprovisionen) widerspiegelt.
- Auswahl der Basiswerte: SMCI und MSTR sind historisch volatile Aktien, was die Wahrscheinlichkeit von Kuponaussetzungen und Kapitalverlust erhöht.
- Liquidität: Es ist keine Börsennotierung geplant; der Sekundärhandel wird, falls vorhanden, begrenzt sein und kann unter dem geschätzten Wert erfolgen.
Anleger, die hohe Erträge suchen und bereit sind, erhebliche Aktien- und Kreditrisiken einzugehen, könnten die Struktur attraktiv finden; die Kombination aus hoher Volatilität der Basiswerte, beträchtlichen Gebühren und Abwärtsrisiko erfordert jedoch eine sorgfältige Risikobewertung.
- High contingent coupon of at least 35.85% per annum with quarterly memory feature offers substantial income potential.
- 40% downside buffer (threshold at 60% of start) provides conditional principal protection if breach is avoided.
- Automatic call mechanism can return capital early at par plus coupons, shortening duration if underlyings remain stable.
- Full guarantee by The Goldman Sachs Group, Inc. adds investment-grade credit support.
- Principal at risk: investors absorb full downside once the 40% buffer is breached at maturity.
- No upside participation in SMCI or MSTR appreciation beyond coupon payments.
- Estimated value discount of $925-$955 vs. $1,000 issue price highlights embedded fees and negative carry.
- Underlyings are highly volatile, increasing likelihood of coupon suspension, barrier breach and principal loss.
- Limited liquidity: no exchange listing and secondary prices may be well below intrinsic value.
- Credit exposure to Goldman Sachs as unsecured creditor.
Insights
TL;DR: High 35.85% coupon offsets 40% buffer risk; volatile SMCI/MSTR make principal loss probability meaningful.
The note’s appeal rests on an eye-catching coupon and memory feature, yet both equities exhibit beta >2 and heavy momentum-fuelled swings. That volatility erodes the likelihood of consistent trigger satisfaction and raises the chance the 60 % barrier is breached at maturity. The estimated value discount (4.5-7.5 %) plus 2.325 % underwriting cost reveals sizeable distribution economics. For income-seeking investors, the structure can perform if markets stay constructive, but risk-adjusted return pales against simpler high-yield alternatives. From Goldman’s perspective, issuance is routine and not material to earnings.
TL;DR: Coupling SMCI with MSTR concentrates downside to two hyper-volatile tech names—buffer may prove insufficient.
Both underlyings have experienced >50 % drawdowns within 12-month windows. The worst-of methodology means even one sharp sell-off suspends coupons and drives losses. Investors receive no upside participation, so expected return skews negative under high-volatility Monte Carlo scenarios. Credit risk is minimal relative to equity risk, but illiquidity compounds mark-to-market volatility. Overall effect on GS equity is negligible; impact for note buyers is highly path-dependent and speculative.
Goldman Sachs (GS) propone un'obbligazione strutturata autocallable con cedola condizionata legata all'azione peggiore tra Super Micro Computer (SMCI) e MicroStrategy (MSTR). I titoli, denominati in $1.000, dovrebbero essere quotati il 18-lug-2025, regolati il 23-lug-2025 e scadere il 21-lug-2028, salvo richiamo anticipato automatico.
Potenziale di rendimento: Gli investitori percepiscono una cedola trimestrale condizionata di almeno 8,9625% del valore nominale (35,85% annuo) se l’azione peggiore chiude al 60% o più del prezzo iniziale nella data di calcolo. La funzione “memory” consente di recuperare eventuali cedole non pagate precedentemente una volta soddisfatta la condizione.
Rimborso anticipato: Da gennaio 2026, se l’azione peggiore chiude al prezzo iniziale o superiore in una data di calcolo trimestrale, i titoli vengono richiamati automaticamente a valore nominale più la cedola del trimestre (inclusi eventuali pagamenti differiti).
Rischio sul capitale: Se il titolo non viene richiamato e alla data finale l’azione peggiore è inferiore al 60% del prezzo iniziale, l’investitore riceve $1.000 × fattore di performance, esponendosi a una perdita superiore al 40% fino al 100% del capitale.
Credito e valutazione: I titoli sono obbligazioni senior non garantite di GS Finance Corp., garantite incondizionatamente da The Goldman Sachs Group, Inc. Il valore stimato preliminare è tra $925 e $955 per $1.000, riflettendo uno sconto iniziale e commissioni incorporate (sconto di sottoscrizione fino al 2,325% più ulteriori concessionari di vendita).
- Selezione degli underlying: SMCI e MSTR sono azioni storicamente volatili, aumentando la probabilità di sospensione delle cedole e perdita del capitale.
- Liquidità: Non è prevista quotazione in borsa; il trading secondario, se presente, sarà limitato e potrà avvenire a prezzi inferiori al valore stimato.
Gli investitori che cercano elevati redditi e accettano rischi significativi di equity e credito potrebbero trovare interessante questa struttura, ma la combinazione di alta volatilità, commissioni elevate e rischio di perdita richiede un’attenta valutazione del rischio.
Goldman Sachs (GS) está comercializando un bono estructurado autocancelable con cupón contingente vinculado a la acción con peor desempeño entre Super Micro Computer (SMCI) y MicroStrategy (MSTR). Los valores, denominados en $1,000, se esperan cotizar el 18-jul-2025, liquidar el 23-jul-2025 y vencer el 21-jul-2028, salvo que se cancelen automáticamente antes.
Potencial de ingresos: Los inversionistas reciben un cupón trimestral contingente de al menos 8.9625% del valor nominal (35.85% anual) si la acción con peor desempeño cierra en o por encima del 60% de su precio inicial en el día de cálculo relevante. La función “memoria” paga cualquier cupón omitido previamente una vez que se cumple el disparador.
Redención anticipada: A partir de enero de 2026, si la acción con peor desempeño cierra en o por encima de su precio inicial en cualquier día de cálculo trimestral, los bonos se cancelan automáticamente al valor nominal más el cupón de ese trimestre (y cualquier cupón diferido).
Riesgo de principal: Si el bono no se cancela y en el día de cálculo final la acción con peor desempeño está por debajo del 60% de su precio inicial, los inversionistas reciben $1,000 × factor de desempeño, exponiéndose a una pérdida total que puede superar el 40% y llegar hasta el 100% del principal.
Crédito y valoración: Los bonos son obligaciones senior no garantizadas de GS Finance Corp. y están garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. El valor estimado preliminar es de $925-$955 por cada $1,000, reflejando un descuento inicial y comisiones incorporadas (descuento de suscripción hasta 2.325% más concesiones adicionales de venta).
- Selección del subyacente: SMCI y MSTR son acciones históricamente volátiles, aumentando la probabilidad de suspensión de cupones y pérdida de principal.
- Liquidez: No se planea cotización en bolsa; el comercio secundario, si existe, será limitado y puede ocurrir a precios por debajo del valor estimado.
Los inversionistas que buscan altos ingresos y están dispuestos a aceptar riesgos significativos de renta variable y crédito pueden encontrar atractiva esta estructura; sin embargo, la combinación de alta volatilidad en los subyacentes, comisiones considerables y exposición a pérdidas requiere una evaluación cuidadosa del riesgo.
골드만 삭스(GS)는 Super Micro Computer(SMCI)와 MicroStrategy(MSTR) 보통주 중 최저 성과 주식에 연동된 자동상환형 조건부 쿠폰 구조화 증권을 마케팅하고 있습니다. 1,000달러 단위로 발행되는 이 증권은 2025년 7월 18일에 가격이 책정되고, 2025년 7월 23일에 결제되며, 자동 상환되지 않는 한 2028년 7월 21일에 만기됩니다.
수익 잠재력: 최저 성과 주식이 해당 산정일에 시작 가격의 60% 이상으로 마감할 경우, 투자자는 분기별 조건부 쿠폰으로 명목금액의 8.9625% 이상(연 35.85%)를 받습니다. '메모리' 기능은 조건 충족 시 이전에 지급되지 않은 쿠폰도 지급합니다.
조기 상환: 2026년 1월부터 최저 성과 주식이 분기별 산정일에 시작 가격 이상으로 마감하면, 증권은 명목가에 해당 분기 쿠폰(및 연체 쿠폰 포함)을 더한 금액으로 자동 상환됩니다.
원금 위험: 증권이 상환되지 않고 최종 산정일에 최저 성과 주식이 시작 가격의 60% 미만일 경우, 투자자는 1,000달러 × 성과 계수를 받게 되어 40% 이상의 손실 위험에 노출됩니다. 즉, 투자자는 최대 100%까지 원금 손실 가능성이 있습니다.
신용 및 평가: 이 증권은 GS Finance Corp.의 선순위 무담보 채무이며, The Goldman Sachs Group, Inc.가 전액 무조건적으로 보증합니다. 초기 예상 가치는 명목가 1,000달러당 925~955달러로, 초기 가치 할인과 내장 수수료(최대 2.325%의 인수 할인 및 추가 판매 수수료)를 반영한 것입니다.
- 기초자산 선정: SMCI와 MSTR은 역사적으로 변동성이 큰 주식으로, 쿠폰 지급 중단 및 원금 손실 가능성을 높입니다.
- 유동성: 거래소 상장은 예정되어 있지 않으며, 2차 거래가 있을 경우 제한적이고 예상 가치보다 낮은 가격에 거래될 수 있습니다.
높은 수익을 추구하고 상당한 주식 및 신용 위험을 감수할 의향이 있는 투자자에게 매력적인 구조일 수 있으나, 높은 변동성, 상당한 수수료, 하방 위험이 결합되어 있어 신중한 위험 평가가 필요합니다.
Goldman Sachs (GS) commercialise une note structurée autocallable à coupon conditionnel liée à la performance la plus faible entre les actions ordinaires de Super Micro Computer (SMCI) et MicroStrategy (MSTR). Les titres, d’une valeur nominale de 1 000 $, devraient être prix le 18 juillet 2025, réglés le 23 juillet 2025 et arriver à échéance le 21 juillet 2028, sauf rappel automatique anticipé.
Potentiel de revenu : Les investisseurs perçoivent un coupon conditionnel trimestriel d’au moins 8,9625 % de la valeur nominale (35,85 % par an) si l’actif sous-jacent le plus faible clôture à au moins 60 % de son prix initial à la date de calcul pertinente. Une fonction « mémoire » permet de payer les coupons manqués dès que le seuil est atteint.
Remboursement anticipé : À partir de janvier 2026, si l’action la moins performante clôture à son prix initial ou au-dessus lors d’une date de calcul trimestrielle, les notes sont automatiquement rappelées à la valeur nominale plus le coupon du trimestre (et tout coupon différé).
Risque sur le capital : Si la note n’est pas rappelée et que, à la date de calcul finale, l’action la moins performante est inférieure à 60 % de son prix initial, les investisseurs reçoivent 1 000 $ × facteur de performance, s’exposant à une perte potentielle supérieure à 40 % et pouvant aller jusqu’à 100 % du capital.
Crédit et valorisation : Les notes sont des obligations senior non garanties de GS Finance Corp. et sont garanties de manière pleine et inconditionnelle par The Goldman Sachs Group, Inc. La valeur estimée préliminaire est comprise entre 925 $ et 955 $ pour 1 000 $, reflétant une décote initiale et des frais intégrés (décote de souscription jusqu’à 2,325 % plus concessions de vente supplémentaires).
- Sélection des sous-jacents : SMCI et MSTR sont des actions historiquement volatiles, ce qui augmente la probabilité de suspension des coupons et de perte en capital.
- Liquidité : Aucune cotation en bourse n’est prévue ; les transactions secondaires, le cas échéant, seront limitées et pourraient se faire à des prix inférieurs à la valeur estimée.
Les investisseurs recherchant un revenu élevé et acceptant des risques importants en actions et en crédit pourraient trouver cette structure attrayante ; toutefois, la combinaison de la forte volatilité des sous-jacents, des frais importants et de l’exposition au risque à la baisse nécessite une évaluation rigoureuse des risques.
Goldman Sachs (GS) bietet eine autocallable, kontingente Kupon strukturierte Note an, die an die am schlechtesten performende Aktie von Super Micro Computer (SMCI) und MicroStrategy (MSTR) gekoppelt ist. Die auf 1.000 $ lautenden Wertpapiere sollen am 18. Juli 2025 bepreist, am 23. Juli 2025 abgewickelt und am 21. Juli 2028 fällig werden, sofern sie nicht vorher automatisch zurückgerufen werden.
Einkommenspotenzial: Anleger erhalten einen vierteljährlichen kontingenten Kupon von mindestens 8,9625 % des Nennwerts (35,85 % p.a.), wenn die am schlechtesten performende Aktie am relevanten Berechnungstag bei mindestens 60 % des Startkurses schließt. Eine „Memory“-Funktion zahlt zuvor verpasste Kupons nach, sobald die Auslösebedingung erfüllt ist.
Vorzeitige Rückzahlung: Ab Januar 2026 werden die Notes automatisch zum Nennwert plus Kupon für das Quartal (und aufgelaufene Kupons) zurückgerufen, wenn die am schlechtesten performende Aktie an einem vierteljährlichen Berechnungstag auf oder über dem Startkurs schließt.
Kapitalrisiko: Wird die Note nicht zurückgerufen und schließt die am schlechtesten performende Aktie am letzten Berechnungstag unter 60 % des Startkurses, erhalten Anleger 1.000 $ × Performance-Faktor, wodurch sie einem vollständigen Abwärtsrisiko jenseits des 40 %-Puffers ausgesetzt sind. Investoren tragen somit ein potenzielles Verlustrisiko von mehr als 40 % bis hin zu 100 % des Kapitals.
Kredit & Bewertung: Die Notes sind unbesicherte Seniorverbindlichkeiten der GS Finance Corp. und werden uneingeschränkt von The Goldman Sachs Group, Inc. garantiert. Der vorläufig geschätzte Wert liegt bei 925–955 $ pro 1.000 $, was einen anfänglichen Wertabschlag und eingebettete Gebühren (Zeichnungsabschlag bis zu 2,325 % plus zusätzliche Verkaufsprovisionen) widerspiegelt.
- Auswahl der Basiswerte: SMCI und MSTR sind historisch volatile Aktien, was die Wahrscheinlichkeit von Kuponaussetzungen und Kapitalverlust erhöht.
- Liquidität: Es ist keine Börsennotierung geplant; der Sekundärhandel wird, falls vorhanden, begrenzt sein und kann unter dem geschätzten Wert erfolgen.
Anleger, die hohe Erträge suchen und bereit sind, erhebliche Aktien- und Kreditrisiken einzugehen, könnten die Struktur attraktiv finden; die Kombination aus hoher Volatilität der Basiswerte, beträchtlichen Gebühren und Abwärtsrisiko erfordert jedoch eine sorgfältige Risikobewertung.
Free Writing Prospectus pursuant to Rule 433 dated July 8, 2025
Registration Statement No. 333-284538
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Market Linked Securities — Autocallable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Super Micro Computer, Inc. and the Class A Common Stock of MicroStrategy Incorporated due July 21, 2028 |
Summary of Terms |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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Underwriting discount: |
up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells. |
Market Measures (each referred to as an “underlying stock,” and collectively as the “underlying stocks”): |
the common stock of Super Micro Computer, Inc. (current Bloomberg ticker: “SMCI UW”) and the Class A common stock of MicroStrategy Incorporated (current Bloomberg ticker: “MSTR UW”) |
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Pricing date: |
expected to be July 18, 2025 |
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Issue date: |
expected to be July 23, 2025 |
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Final calculation day: |
expected to be July 18, 2028 |
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Stated maturity date: |
expected to be July 21, 2028 |
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Starting price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the pricing date |
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Ending price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the final calculation day |
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* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to stated maturity and the ending price of the lowest performing underlying stock on the final calculation day is less than its downside threshold price, you will lose more than 40%, and possibly all, of the face amount of your securities at stated maturity. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of any underlying stock, but you will have full downside exposure to the lowest performing underlying stock on the final calculation day if the ending price of that underlying stock is less than its downside threshold price. You should read the accompanying preliminary pricing supplement dated July 8, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following: ● Preliminary pricing supplement dated July 8, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025
The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities. |
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Performance factor: |
with respect to an underlying stock on any calculation day, the quotient of (i) its stock closing price on such calculation day divided by its starting price (expressed as a percentage) |
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Lowest performing underlying stock: |
for any calculation day, the underlying stock with the lowest performance factor on that calculation day |
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Automatic call: |
If the stock closing price of the lowest performing underlying stock on any call date is greater than or equal to its starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment and any previously unpaid contingent coupon payments. The securities will not be subject to automatic call until the January 2026 calculation day. |
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Downside threshold price: |
with respect to an underlying stock, 60% of its starting price |
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Contingent coupon payment: |
Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $89.625 (equivalent to a contingent coupon rate of at least 35.85% per annum) (set on the pricing date) if, and only if, the stock closing price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price. In addition, if the stock closing price of the lowest performing underlying stock on one or more calculation days is less than its coupon threshold price and, on a subsequent calculation day, the stock closing price of the lowest performing underlying stock is greater than or equal to its coupon threshold price, on the contingent coupon payment date related to such subsequent calculation day you will receive the contingent coupon payment due for that subsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). |
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Coupon threshold price: |
with respect to an underlying stock, 60% of its starting price |
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Call settlement date: |
the contingent coupon payment date immediately following the applicable call date |
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Calculation days: |
quarterly, on the 18th day of January, April, July and October, commencing October 2025 and ending April 2028, and the final calculation day |
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Call dates: |
each calculation day commencing in January 2026 and ending in April 2028 |
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Contingent coupon payment dates: |
quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date |
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Maturity payment amount (for each $1,000 face amount of your securities): |
• if the ending price of the lowest performing underlying stock on the final calculation day is greater than or equal to its downside threshold price: $1,000; or • if the ending price of the lowest performing underlying stock on the final calculation day is less than its downside threshold price: $1,000 × performance factor of the lowest performing underlying stock on the final calculation day |
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CUSIP: |
40058JMK8 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement |
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The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.
About Your Securities |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.
Risk Factors |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ▪ The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities ▪ The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ You May Lose Your Entire Investment in the Securities ▪ You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date ▪ Because the Securities Are Linked to the Performance of the Lowest Performing Underlying Stock, You Have a Greater Risk of Receiving No Contingent Coupons and Sustaining a Significant Loss on Your Investment Than If the Securities Were Linked to Just One Underlying Stock ▪ A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stocks, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underlying Stocks and, Potentially, a Significant Loss at Maturity ▪ The Maturity Payment Amount Will Be Based Solely on the Lowest Performing Underlying Stock |
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▪ Your Securities Are Subject to Automatic Redemption ▪ The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Lowest Performing Underlying Stock ▪ The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stocks from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors ▪ We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive Any Underlying Stock Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ The Tax Consequences of an Investment in Your Securities Are Uncertain ▪ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities
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Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stocks, the terms of the securities and certain risks.
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FAQ
What is the coupon rate on Goldman Sachs (GS) autocallable notes linked to SMCI and MSTR?
When can the notes be automatically called?
How much principal protection do investors have?
What is the estimated initial value versus the $1,000 issue price?
Which stocks underlie the GS Market Linked Securities?
What fees are embedded in the offering?
