GOLDMAN SACHS S&P ENHNCD 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Index-Linked Notes due 2030 linked to the Nasdaq-100, Russell 2000 and S&P 500 indexes. Investors receive a monthly contingent coupon of $9.50 per $1,000 (0.95%, up to 11.40% per year) only if each index is at or above 70% of its initial level on the observation date; otherwise the coupon for that month is zero.

Unless earlier redeemed, at maturity investors receive $1,000 per note if each index is at or above 55% of its initial level. If any index finishes below 55%, the payoff is $1,000 plus $1,000 times the worst index return, which can mean a total loss of principal. The issuer may redeem the notes at par plus any due coupon on any monthly payment date from November 2026 through April 2030, shortening the investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date will be less than the issue price, secondary market liquidity is uncertain, the notes will not be listed, and U.S. tax treatment is complex and uncertain.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., offers unsecured autocallable notes due August 18, 2033 linked to the Goldman Sachs Momentum Builder Focus ER Index (GSMBFC5). The notes pay no interest and are issued at 100% of face per $1,000.

The notes are automatically called on annual observation dates if the index is at least 100.75% of its initial level, paying $1,000 plus the applicable call premium (rising from 9.25% in 2027 up to 55.50% in 2032). If never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive the $1,000 face amount, all subject to issuer and guarantor credit risk.

The index is a rules-based, daily rebalanced strategy with a 5% volatility control, a momentum risk control overlay and ongoing deductions including 0.65% per year, and it can allocate heavily to cash-like positions, which can significantly dampen performance. The issuer’s estimated value on the trade date is $885–$935 per $1,000, below the issue price, and the notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of taxable income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder^® Focus ER Index, maturing in 2033 under its Series F medium-term note program. The notes pay no coupons and may be automatically called annually if the index is at or above rising call levels, in which case holders receive $1,000 plus a fixed call premium per $1,000 face amount.

If the notes are never called, the maturity payment per $1,000 is $1,000 plus 100% of any positive index return; if the index is flat or down, investors receive only the $1,000 face amount, subject to issuer and guarantor credit. The index is a rules-based, daily rebalanced multi-asset strategy with a 5% volatility control, momentum risk control and an annual 0.65% deduction, which, together with frequent allocations to cash positions, can significantly reduce index performance.

The issuer’s estimated value on the trade date is $885–$935 per $1,000, below the issue price, reflecting dealer compensation, structuring costs and model assumptions; secondary market prices may be lower. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over the term even though cash is generally only received upon call or at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the VanEck Semiconductor ETF (SMH), maturing in 2029 under its Medium-Term Notes, Series F program. The notes pay no interest and repay at maturity based on ETF performance.

The notes can be automatically called quarterly if the ETF’s closing level is at or above the initial level on a call observation date, paying $1,000 plus a call premium (from 23.35% up to 64.2125% of face amount, depending on call date). If never called, at maturity investors receive: $1,000 plus a 70.05% premium if the final level is at or above the initial level; $1,000 if the final level is between 75% and less than 100% of the initial level; or full downside exposure if the final level is below 75%, which can result in a complete loss of principal.

Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange. The estimated value at pricing is expected to be less than the 100% issue price due to fees, expenses and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing in 2029. For each $1,000 note, if the final index level is at or above the initial level, investors receive $1,000 plus 141.5% of the index gain. If the index is below the initial but at or above the 80% buffer level, investors receive a positive return equal to the absolute index move. Below the buffer, investors lose 1% of face amount for each 1% decline beyond the 20% buffer and can lose a substantial portion of principal.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent guarantor, and are not bank deposits or FDIC insured. They are tied to E-mini S&P 500 futures rather than the cash S&P 500 Index, so futures effects such as implicit financing costs and potential negative roll yields can drag performance. The notes will not be listed, secondary liquidity may be limited, and the estimated value at pricing is less than the issue price. U.S. tax treatment is uncertain; the issuer intends to treat the notes as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable equity-linked notes due 2029 linked to Amazon.com, Alphabet Class A and Microsoft common stock. The notes pay no interest.

The notes may be automatically called quarterly if each underlier’s closing level is at or above its initial level on a call observation date, paying $1,000 plus a call premium (from 34.65% on the first call payment date up to 95.2875% on the last). If not called, at maturity investors receive, per $1,000 face amount: $1,000 plus a 103.95% maturity premium if all final underlier levels are at or above their initial levels; $1,000 if all are at or above 70% of initial but any is below initial; or $1,000 plus $1,000 times the lesser performing underlier return if any final level is below its 70% trigger buffer, which can result in a total loss.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, the estimated value is lower than the issue price, there is no exchange listing and secondary market liquidity and tax treatment are uncertain.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index‑Linked Notes due 2030 linked to the Nasdaq‑100, Russell 2000 and S&P 500 indices. Each note has a $1,000 face amount and pays a contingent monthly coupon of $8.542 (0.8542% per month, up to about 10.25% per year) only if, on the observation date, the closing level of each index is at or above 70% of its initial level.

The notes are automatically called at par plus the applicable coupon if, on any call observation date from March 1, 2027, all indices are at or above their initial levels. At maturity on September 6, 2030, if not called, investors receive par only if the final level of every index is at or above its 70% trigger buffer level; otherwise repayment is reduced one‑for‑one with the loss on the worst‑performing index, and investors could lose their entire principal. Payments depend on the credit of GS Finance Corp. and the guarantor, and the estimated value of the notes on the trade date will be less than the original issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500 Futures Excess Return Index, maturing in 2030. The notes provide exposure to E-mini S&P 500 futures rather than the S&P 500 index itself.

At maturity, for each $1,000 note you receive: if the final underlier level is above the initial level, payment equals $1,000 plus 217.5% of the index gain; if the final level is at or below the initial level, your payoff equals $1,000 plus $1,000 times the index return, so losses are one-for-one with index declines and you can lose your entire investment.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and may trade below the issue price because the estimated value at pricing is less than the original issue price. Returns also depend on futures-specific effects such as financing costs and potential negative roll yields, and the tax treatment is uncertain, with the issuer treating the notes as pre-paid derivative contracts.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes tied to the S&P 500® Daily Risk Control 5% USD Excess Return Index. The notes pay no interest and are scheduled to mature on August 30, 2029, with performance measured from an expected trade date of August 26, 2026.

At maturity, each $1,000 note pays $1,000 plus: if the index return is positive or zero, the index return multiplied by an upside participation rate of at least 170.3%; if negative, the absolute value of the index return, capped at a maximum downside settlement amount of $2,000. The underlier is an excess-return, 5%-volatility-target strategy that borrows at SOFR + 0.02963%, so borrowing costs reduce returns and limited post-LIBOR history adds uncertainty. The notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor, may have limited secondary liquidity, and have an estimated initial value of $925–$965 per $1,000 face amount, below issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due 2033 linked to the Goldman Sachs Momentum Builder Focus ER Index. The notes can be automatically called semi-annually if the index on a call observation date is at or above its initial level, paying $1,000 plus a call premium of 10%–65% of face value depending on the call date.

If the notes are not called, at maturity investors receive: if the final index level is at or above the initial level, $1,000 plus a 70% maturity premium; if below the initial level, only $1,000 principal, with no downside below par. The underlying index is a rules-based, daily rebalanced multi-asset index with 5% volatility control, a momentum risk control cash allocation, and an annual 0.65% deduction that, together with excess-return over the federal funds rate, can materially limit upside, especially when allocations shift heavily to cash. The issuer’s estimated value on the trade date is $885–$935 per $1,000, below issue price, and U.S. holders are taxed under contingent payment debt instrument rules, recognizing ordinary income over the life of the notes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index, maturing in 2032. The index is a daily rebalanced, rules-based portfolio of equity, fixed income, commodity and cash-equivalent exposures, calculated on an excess return basis over the federal funds rate and subject to a 0.65% per annum deduction.

The notes may be automatically called semi-annually if the index level on a call observation date is at or above the initial index level, paying $1,000 plus a call premium (from 9.00% on the first call date up to 49.50% on the last). If never called, at maturity investors receive: $1,000 plus a 54% maturity premium if the final index level is at or above the initial level, or the $1,000 face amount if it is lower.

The issuer’s estimated value on the trade date is $850–$890 per $1,000 face amount, below the original issue price. The notes pay no periodic interest, are subject to the credit risk of GS Finance Corp. and the guarantor, and are expected to be treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500 Index-Linked Notes due 2027 under its Medium-Term Notes, Series F program. The notes pay no interest and return an amount at maturity based on the S&P 500 Index performance from the trade date to the determination date.

If the final underlier level is greater than or equal to the 85% buffer level, holders receive the maximum settlement amount of at least $1,075.30 per $1,000 face amount, capping upside regardless of further index gains. If the final underlier level is below the buffer, investors lose approximately 1.1765% of principal for every 1% the index falls below 85%, and could lose their entire investment.

The original issue price is 100% of face, with a 1% underwriting discount and 99% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed on an exchange, and may lack liquidity. Tax treatment is uncertain; the notes are required to be treated as a pre-paid derivative contract for U.S. federal income tax purposes, with potential capital gain or loss at sale or maturity, and are subject to FATCA rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due 2028 linked to the Nasdaq-100 Index, Russell 2000 Index and S&P 500 Index. The notes pay a contingent monthly coupon of $9.292 per $1,000 (0.9292% monthly, up to approximately 11.15% per annum) only if on each observation date every index closes at or above 65% of its initial level.

The notes are automatically called if on any call observation date all three indexes are at or above their initial levels; in that case investors receive $1,000 per note plus the applicable coupon. If the notes are not called, at maturity in February 2028 investors receive $1,000 per note only if each index is at or above 65% of its initial level; otherwise, repayment is reduced based on the lesser performing index, and investors can lose up to 100% of principal. Payments depend on the credit of GS Finance Corp. and its guarantor, and the estimated value at pricing will be less than the original issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Index maturing in March 2029. The notes pay no interest and are unsecured senior obligations under the GSFC 2008 indenture.

At maturity, for each $1,000 face amount, investors receive cash based on index performance from the August 26, 2026 trade date to the February 26, 2029 determination date. If the final index level is above the initial level, the payoff equals $1,000 plus 200% of the index gain, capped at a maximum settlement amount expected between $1,250 and $1,260. If the final level is between the initial level and the 90% buffer level, principal is returned. Below the 90% buffer, investors lose 1% of principal for each 1% decline beyond the 10% buffer, with examples showing potential returns as low as 10%–33% of face.

Key risks include loss of a substantial portion of principal, lack of interest, capped upside, market value sensitivity to many factors, and full credit risk of the issuer and guarantor. Tax treatment is uncertain; the notes are expected to be treated as pre-paid derivative contracts for U.S. federal income tax purposes and are generally subject to FATCA rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers Autocallable Buffered S&P 500 Index-Linked Notes that pay no interest and are unsecured obligations. The notes may be automatically called after about 12–14 months if the S&P 500 closing level is at or above the initial level, paying between $1,084.8 and $1,099.5 per $1,000 face amount.

If not called, at a stated maturity about 24 months after the trade date, investors receive: (i) for a non‑negative index return, the greater of the threshold settlement amount$1,169.6 and $1,199 or full 100% upside participation; (ii) for declines up to 10%, return of the $1,000 face amount; and (iii) for declines beyond 10%, losses at about 111.11% of the drop below 90% of the initial level, up to a total loss of principal.

The estimated value on the trade date is expected between $945 and $975 per $1,000, below issue price, and secondary market prices may differ. Payments depend on the S&P 500 level only on the call observation and determination dates and are subject to the credit risk of GS Finance Corp. and the guarantor. U.S. tax treatment is intended as a pre‑paid derivative contract but remains uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Goldman Sachs Momentum Builder® Focus ER Index-Linked Notes due 2034 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no periodic interest.

The notes are linked to the Goldman Sachs Momentum Builder® Focus ER Index, which reallocates daily among equity, fixed income, commodity and cash-equivalent exposures, subject to a 5% volatility control and a 0.65% per annum deduction. The notes are automatically called if the index on an annual observation date is at or above an increasing call level, paying $1,000 plus a call premium (from 11.75% in 2027 up to 82.25% in 2033). If not called, at maturity in August 2034 investors receive $1,000 plus 100% of any positive index return; if the index is flat or lower, they receive only the $1,000 principal, subject to issuer and guarantor credit risk. The issuer’s estimated value on the trade date is $850–$890 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity-Linked Notes due 2027 linked to the common stock of NVIDIA Corporation. Principal repayment and coupons depend on NVIDIA’s share performance, and investors are exposed to full loss of principal.

The notes pay a contingent monthly coupon of $10.042 per $1,000 (1.0042% monthly, up to about 12.05% per year) only if, on each observation date, NVIDIA’s closing level is at or above the coupon trigger level of 61% of the initial level. The same 61% level acts as a trigger buffer at maturity: if the final level is at or above this threshold, investors receive $1,000 per note; if below, repayment equals $1,000 plus $1,000 times the underlier return, leading to proportionate downside and potentially a total loss.

The notes are subject to an automatic call feature: if on any call observation date from February 16, 2027 through August 16, 2027 NVIDIA’s level is at or above the initial level, investors receive $1,000 per note plus the due coupon and the notes terminate early. The issue price exceeds the issuer’s internal estimated value, secondary market liquidity is uncertain, and investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. Tax treatment is uncertain; the issuer intends to treat the notes as income-bearing prepaid derivative contracts with coupon payments taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing August 10, 2028. Payment at maturity depends on the index performance from the August 5, 2026 trade date to the August 7, 2028 determination date.

If the final index level is at or above the initial level, investors receive $1,000 plus 125% of the index gain, capped at a maximum payout of $1,252 per $1,000 face amount. If the index declines by up to the 20% buffer (down to 80% of the initial level), investors gain the absolute value of the index return. Below the 80% buffer level, principal is exposed 1-for-1 and investors can lose a substantial portion of their investment.

The notes pay no interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on an exchange. Market value can be affected by interest rates, volatility, credit spreads, and the futures-based index structure, including financing costs and potential negative roll yields.

GS Finance Corp. is offering Bear Market-Linked One Look Notes with a Dual Directional Buffer linked to the Nasdaq-100 Index®, guaranteed by The Goldman Sachs Group, Inc. Each note has a $10 principal amount, a term of approximately 15 months, and a minimum purchase of $100,000.

At maturity, if the index ending level is less than or equal to its starting level, investors receive a Digital Payment of 14.00%–16.00% over principal. If the index rises but stays at or below 120.00% of the starting value, the notes pay the same percentage increase as the index. Above that threshold, the notes provide 1-to-1 negative exposure to additional index gains, with a Minimum Redemption Amount of $2.00 per unit, so principal losses can be significant.

The public offering price is $10.00 per unit, including a $0.15 per unit underwriting discount, for net proceeds of $9.85 per unit. The initial estimated value is between $9.25 and $9.55 per $10 principal amount. The notes pay no coupons, are not FDIC insured, have limited expected liquidity, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, non-interest-bearing structured notes linked to an equally weighted basket of five technology-related stocks: Advanced Micro Devices, Hewlett Packard Enterprise, Lam Research, Robinhood Markets (Class A), and ServiceNow. Each stock has a 20% weight and initial weighted value of 20, giving an initial basket level of 100.

The notes are expected to price on August 11, 2026, be issued on August 14, 2026, and mature on August 14, 2031, unless automatically called. Beginning August 11, 2027, the notes are automatically redeemed if the basket level on a call observation date is at least 90% of the initial basket level, paying $1,000 plus a fixed call premium (starting at 17% and rising to 80.75% on later dates) per $1,000 face amount.

If not called, maturity payoff per $1,000 equals: (1) if the basket return is zero or positive, $1,000 plus 100% upside participation; (2) if the basket return is negative but not below -50%, a full return of principal; (3) if the basket return is below -50%, principal is reduced one-for-one with the basket decline, exposing investors to up to 100% loss. The estimated value at pricing is $885–$935 per $1,000, below issue price, reflecting fees, hedging, and model assumptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Jump Securities, principal-at-risk notes linked to the common stock of GE Vernova Inc. The notes mature on March 3, 2028, with the final share price observed on February 29, 2028.

For each $1,000 note, if GE Vernova’s final share price is at or above the initial share price, investors receive $1,000 plus a fixed upside payment of at least $645.00 (at least 64.50%). If the final share price is below the initial but at or above the downside threshold of 65.00% of the initial share price, investors receive only the $1,000 principal. If the final share price is below the downside threshold, repayment is $1,000 multiplied by the share performance factor, producing a 1.00% loss of principal for each 1.00% decline in the stock; losses can reach 100%.

The securities pay no interest, provide no dividends or shareholder rights in GE Vernova, and cap upside at $1,000 plus the upside payment even if the stock more than doubles. They are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The original issue price includes underwriting discounts and other costs, so the estimated value at pricing is less than 100% of principal, and secondary market prices may be lower. The tax treatment is uncertain; the issuer intends to treat the notes as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes maturing in 2029 under its Medium-Term Notes, Series F program. The notes are linked to the Russell 2000 Index and the S&P 500 Index.

For each $1,000 face amount, investors receive at maturity either the maximum settlement amount of at least $1,240 if the final level of each index is at or above its initial level, or $1,000 if any index is below its initial level. The notes do not pay periodic interest and upside is capped at a total return of 124.000% of face value.

The payoff is based solely on the lesser performing underlier, making the structure sensitive to the weaker index. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may trade below face value, and are expected to have an estimated value below the original issue price. For U.S. tax purposes, they are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500® Index under its Medium-Term Notes, Series F program. Each note has a $10 face amount and pays no interest.

At maturity on August 6, 2027, the cash payment per $10 note equals: if the S&P 500 final level exceeds the initial level, $10 plus 300% of the index gain, capped at a maximum settlement amount of $11.33. If the final level is at or below the initial level, the payoff is $10 plus $10 times the index return, producing a one-for-one loss with the index and potentially a 100% loss of principal.

Key risks include credit risk of both GS Finance Corp. and its parent guarantor, potential illiquidity and market value volatility, an initial estimated value below the original issue price, capped upside, lack of dividends or shareholder rights in S&P 500 stocks, and uncertain U.S. tax treatment as a pre-paid derivative contract.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked medium-term notes tied to the Nasdaq-100 Index®, maturing on September 3, 2030, with a face amount of $1,000 per note.

At maturity, investors receive the face amount plus 100% of any positive index return, capped at a maximum return of at least 34.00%, giving a maximum maturity payment of at least $1,340 per note. If the index ends at or below the starting level, the maturity payment is $1,000, so downside index moves do not reduce principal, though all payments are subject to issuer and guarantor credit risk.

The notes pay no interest or dividends and are designed to be held to maturity with no exchange listing$900 and $930 per $1,000, below the $1,000 original offering price, reflecting structuring and distribution costs and dealer margin. Underwriting discounts are up to 3.825% (up to $38.25 per $1,000), with proceeds to the issuer of $961.75 per $1,000. The notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes tied to the Nasdaq-100 Index®, S&P 500® Index and Russell 2000® Index. Each note has a $1,000 face amount, a trade date expected August 7, 2026, original issue date expected August 12, 2026, and a stated maturity date expected August 12, 2031, unless automatically called.

The notes pay no interest. They are automatically called if on the call observation date (expected November 9, 2026) each index is at least 95% of its initial level, in which case investors receive $1,057 per $1,000 on the call payment date (expected November 13, 2026). If not called, the maturity payment depends on the lesser performing index: if each final level is above its initial level, the return equals 1.25× that index’s gain; if any index is at or below its initial level but each is at least 70% of its initial level, only principal is returned; if any index closes below 70% of its initial level, principal is reduced, with losses of about 1.4286% for every 1% the lesser performer falls below 70%, potentially to zero.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be $885–$925 per $1,000, below the issue price, reflecting selling costs and structuring fees. Payments are characterized for U.S. tax purposes as from a pre-paid derivative contract, though the tax treatment is uncertain, and the product is subject to FATCA and other tax and regulatory considerations.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Callable Contingent Coupon Index-Linked Notes due 2031 linked to the Dow Jones Industrial Average, Nasdaq-100 Index and Russell 2000 Index. For each $1,000 face amount, investors receive a $7 monthly coupon (0.7%, up to 8.40% per annum) only if on each observation date every underlier is at or above its coupon trigger level of 80% of its initial level; otherwise the coupon for that month is zero.

At maturity on August 12, 2031, if the notes have not been called and the final level of every underlier is at or above its 50% buffer level, investors receive $1,000 plus any final coupon. If any underlier finishes below its buffer, repayment is reduced according to the buffer formula, exposing investors to a substantial loss; for example, a worst underlier at 13% of its initial level yields a cash settlement of 63% of face value. Upside is capped at par, even if indices rise significantly. The issuer may redeem the notes at $1,000 plus any due coupon, in whole but not in part, on any coupon payment date from February 2027 through July 2031. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed, and their estimated value at pricing will be lower than the original issue price.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Equity‑Linked Notes due 2029 linked to the common stock of Salesforce, Inc. and ServiceNow, Inc. Each note has a $1,000 face amount.

The notes pay a contingent monthly coupon of $26.667 per $1,000 (2.6667% monthly, up to approximately 32% per annum) only if on each coupon observation date both underliers close at or above their coupon trigger level of 70% of the initial level. The same 70% level is the trigger buffer level for principal at maturity.

If on any call observation date beginning August 5, 2027 both underliers are at or above their initial levels, the notes are automatically called and pay $1,000 plus the then‑due coupon. If not called, at maturity in August 2029 holders receive $1,000 if both final underlier levels are at or above their trigger buffer levels; otherwise they receive $1,000 multiplied by the lesser performing underlier return, with losses one‑for‑one below the buffer, down to a possible 0% return. Investors have no upside participation above par and can lose their entire investment.

Key risks include the credit risk of GS Finance Corp. and its guarantor, the estimated value being less than the issue price, potentially limited or no secondary market, uncertain and complex tax treatment, and the absence of any shareholder or dividend rights in the underliers.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Leveraged Buffered S&P 500 Futures Excess Return Index-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Futures Excess Return Index, which tracks E-mini S&P 500 futures rather than the S&P 500 Index itself.

At maturity, for each $1,000 note, holders receive: if the final index level is at or above the initial level, $1,000 plus the upside participation rate (at least 116%) times the index return; if the index is down but not below 85% of its initial level, they receive $1,000 plus the absolute index loss; if it falls below the 85% buffer level, losses match the decline beyond the 15% buffer, potentially large. The notes pay no interest.

The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market liquidity, and their market value can be affected by index volatility, rates, and credit spreads. Tax treatment is uncertain; the issuer intends to treat them as pre-paid derivative contracts for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon notes due August 12, 2032 linked to three underliers: the Nasdaq-100 Technology Sector Index, the Russell 2000 Index and the VanEck Semiconductor ETF.

Each $1,000 note pays a monthly contingent coupon of $16.792 (1.6792%, up to about 20.15% per year) only if on the relevant observation date the closing level of each underlier is at or above its coupon trigger level, set at 60% of its initial level. The same 60% level also serves as the trigger buffer for principal.

The notes are automatically called if on any call observation date all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the due coupon. If the notes are not called and on the August 9, 2032 determination date any underlier finishes below its trigger buffer, the maturity payment is $1,000 plus $1,000 times the lesser-performing underlier return, so investors can lose some or all of principal. Payments depend on the credit of GS Finance Corp. and the guarantor; the notes are unsecured, not insured, will not be listed, and their estimated value at pricing is less than the original issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Goldman Sachs Momentum Builder® Focus ER Index-Linked Notes due 2029 under its Medium-Term Notes, Series F program. The notes are unsecured senior debt obligations subject to the credit risk of both the issuer and guarantor.

The notes are linked to the Goldman Sachs Momentum Builder® Focus ER Index, a rules-based, volatility-controlled index that reallocates daily among equity, fixed income, commodity and cash-equivalent exposures, calculated on an excess return basis and reduced by a 0.65% per annum deduction. On the August 31, 2027 call observation date, if the index level is at or above the initial level, the notes are automatically called and pay 111.25% of face value on the call payment date, or $1,112.50 per $1,000.

If not called, at maturity in September 2029 investors receive for each $1,000 the greater of (i) $1,000 or (ii) $1,000 plus 300% of any positive index return, providing upside participation with principal repayment but no additional return when the final index level is at or below the initial level. The issuer’s estimated value on the trade date is $900–$930 per $1,000, below the issue price, reflecting fees, hedging and structuring costs. The notes pay no interest, may trade at a discount before maturity, and are expected to be treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes due September 2, 2027 with an aggregate face amount of $205,000. The notes pay no interest and return at maturity depends on the lesser performing of the Russell 2000® Index and the S&P 500® Index, measured from the July 28, 2026 trade date to the August 30, 2027 determination date.

The initial index levels are 2,953.800 for the Russell 2000® and 7,428.78 for the S&P 500®. There is a 10% downside buffer and gains are capped by a cap level at 118% of each initial index level, with a maximum settlement amount of $1,180 per $1,000 face amount. If the worst index ends below 90% of its initial level, principal is reduced according to the lesser performing index return plus 10%, so investors can lose a substantial portion of principal.

The original issue price is 100% of face amount, with an underwriting discount of 2.225% and net proceeds to the issuer of 97.775%. The estimated value on the trade date is approximately $972 per $1,000 face amount, reflecting model-based pricing and offering costs. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged notes linked to the S&P 500 Index. For each $1,000 note, if the final index level exceeds the initial level, payment equals $1,000 plus 300% of the index gain, capped by a maximum settlement amount expected between $1,155.10 and $1,182.40. If the final level is at or below the initial level, investors receive $1,000 plus $1,000 times the index return, so losses match index declines and can reach 100% of principal. The notes pay no interest, have no shareholder or dividend rights in index constituents, and their market value can be volatile and sensitive to interest rates, S&P 500 performance, and the credit of GS Finance Corp. and its parent. U.S. tax treatment is uncertain; the issuer intends to treat the notes as pre-paid derivative contracts, and non-U.S. holders may be affected by section 871(m) and FATCA rules.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Buffered Digital S&P 500 Index-Linked Notes under its Medium-Term Notes, Series F program. The notes are linked to the S&P 500 Index and do not pay periodic interest.

At maturity, for each $1,000 note, investors receive either the maximum settlement amount, expected between $1,161.20 and $1,189.60, if the final S&P 500 level is at or above the buffer level, or a reduced amount if it is below. The buffer level is 90% of the initial index level, with a 10% buffer amount and a buffer rate of approximately 111.11%, so losses accelerate beyond the buffer and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is less than the original issue price, the notes will not be listed, may have limited liquidity, and their market value can be affected by interest rates, index volatility, dividends, and the issuer’s credit quality. U.S. federal tax treatment is uncertain; the notes are intended to be treated as pre-paid derivative contracts for tax purposes.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes due February 20, 2032 under its Medium-Term Notes, Series F program. Payment at maturity depends on the S&P 500® Index level on the determination date relative to its initial level.

For each $1,000 note, if the final index level is above the initial level, investors receive $1,000 plus the index return, capped by a maximum settlement amount of at least $1,574. If the final index level is equal to or below the initial level, investors receive only the $1,000 face amount. The notes pay no periodic interest and are subject to the credit risk of both GS Finance Corp. and the guarantor.

The economic and secondary-market value of the notes is expected to be lower than the original issue price due to underwriting discounts, structuring fees and other costs. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, generally requiring accrual of taxable ordinary income over their term even though cash is only received at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. Total initial face amount is $450,000, in $1,000 denominations, with potential increases later.

For each $1,000, investors may receive a $12.50 monthly coupon (1.25%, up to 15% per annum) when the index level on a coupon observation date is at least 60% of the initial level of 485.15. Notes are automatically called at par plus coupon if, from July 2027 to April 2031, the index on a quarterly call date is at or above the initial level. At maturity in July 2031, if not called, principal is protected only down to a 40% trigger buffer; below that, losses mirror the index decline and can reach 100% of principal.

The underlier uses up to 500% leverage and a daily 6% per annum decrement, which drags performance and can magnify losses. The estimated value at pricing is about $940 per $1,000, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due August 4, 2033 tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have a principal repayment floor at maturity: if they are not automatically called, you receive at least the $1,000 face amount per note, regardless of index performance.

On semi-annual call observation dates from August 2027 to January 2033, if the index closing level is at or above its initial level, the notes are automatically redeemed for $1,000 plus a fixed call premium (starting at 10.50% and rising to 68.25%). If never called, and the final index level is at or above the initial level, you receive $1,735 per $1,000 face, reflecting a 73.5% maturity premium; if it is below, you get only the $1,000 face amount, so upside is capped while downside is limited to forgone interest.

The issuer’s estimated value on the trade date is $885–$935 per $1,000, below the issue price, reflecting dealer compensation, structuring costs and model differences. The index itself is a rules-based, multi-asset strategy with daily rebalancing, a 5% volatility control, a momentum risk control feature and annual deductions of 0.65%, and may hold substantial cash-like exposures. The notes pay no periodic interest, are subject to the credit risk of GS Finance Corp. and the guarantor, and are treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Autocallable Contingent Coupon Index-Linked Notes due August 3, 2029, linked to the S&P 500, Russell 2000 and Nasdaq‑100 indices. The notes may be automatically called monthly from October 2026 if each index is at or above its initial level, in which case investors receive the $1,000 face amount plus the monthly coupon on the related call payment date.

Investors are scheduled to receive a $10.334 coupon per $1,000 (1.0334% monthly, up to ~12.4% per year) on each payment date only if, on the related observation date, the closing level of each index is at least 70% of its initial level; otherwise, no coupon is paid. At maturity, if not previously called, principal repayment depends on the least-performing index. If each index is at least 75% of its initial level, investors receive $1,000 plus the final coupon. If any index is below 75% but all are at least 70%, investors receive between approximately 93.33% and 99.99% of face value plus the final coupon. If any index is below 70%, repayment is reduced in line with a buffer formula and investors may lose up to 100% of principal and receive no coupon.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is expected to be $925–$955 per $1,000, reflecting embedded costs and model assumptions, and may differ from any secondary market price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers leveraged callable notes linked to the S&P 500® Futures Excess Return Index, expected to be issued on August 31, 2026 and maturing on August 31, 2032, unless redeemed early. The notes pay no interest and return at least the $1,000 face amount at maturity if not called.

If the final index level exceeds the initial level on the determination date, investors receive 1.45 times the index return, so the cash payment per $1,000 equals $1,000 plus 145% of the index gain. If the index return is zero or negative, the maturity payment is $1,000. GS Finance Corp. may redeem the notes in whole on specified monthly call dates from August 31, 2027 through August 2, 2032 at $1,000 plus a call premium that starts at at least 30% and steps up to at least 177.5%.

The index references E-mini S&P 500 futures rather than the S&P 500® Index itself, so returns are affected by futures pricing, financing costs and potential negative roll yields. The estimated value on the trade date is expected to be $885–$935 per $1,000, below the 100% issue price, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose payments depend on the share performance of Advanced Micro Devices, UnitedHealth Group, Tesla and NVIDIA. The notes are expected to trade from an August 26, 2026 trade date and mature on September 3, 2031, unless automatically called.

Investors receive monthly contingent coupons: a maximum coupon of at least $11.042 (at least 1.1042% per month) per $1,000 face amount if each stock’s closing price is at or above 77.5% of its initial price, and a minimum coupon of $0.209 otherwise. If on any call observation date each stock closes at or above its initial price, the notes are automatically redeemed at $1,000 plus the applicable coupon. If held to maturity, principal of $1,000 per note plus the final coupon is paid. The estimated value on the trade date is expected to be $885–$935 per $1,000, reflecting embedded fees and model-based pricing, and the notes carry the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is offering underlier-linked notes due August 10, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and repay at maturity an amount tied to the lesser performer of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF.

For each $1,000 note, if on the determination date in 2029 the level of each underlier is above its initial level, investors receive $1,000 plus 218.25% of the gain of the weaker underlier. If any underlier is at or below its initial level but no trigger event (a drop of more than 30% on any day) has occurred, investors receive $1,000.

If a trigger event occurs and the lesser-performing underlier finishes below its initial level, repayment falls one-for-one with that loss, down to zero, so investors can lose their entire principal. The notes’ estimated value at pricing is $925–$965 per $1,000 and investors are exposed to the unsecured credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium‑term notes whose payments are linked to four “index stocks”: NVIDIA, Alphabet Class C, Advanced Micro Devices and Tesla. The notes are expected to trade from a August 10, 2026 trade date, with an original issue date of August 13, 2026, and mature on August 15, 2033, unless automatically called.

On each monthly coupon observation date, if the closing price of each stock is at least 78% of its initial price, investors receive an accrued coupon equal to $6.417 per $1,000 face amount per month (0.6417%, up to about 7.7% per year), net of prior coupons. The notes are automatically called, and $1,000 plus the then‑due coupon is paid, if on any call observation date from August 2027 through July 2033 all stocks are at or above 78% of their initial prices. If never called, investors receive $1,000 per note at maturity plus the final coupon, if conditions are met. Estimated fair value on the trade date is $885–$925 per $1,000, below the 100% issue price, and investors face both the credit risk of GS Finance Corp. and Goldman Sachs and the risk of receiving no coupons if any stock is below its trigger level.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due August 2, 2029. The notes are linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index and do not pay periodic interest.

The notes can be automatically called monthly from July 30, 2027 onward if each index is at or above its initial level, paying $1,000 plus the applicable call premium (from 12.6504% on the first call date up to 36.897% on the last). If held to maturity and not called, investors receive $1,000 plus a 37.9512% maturity premium if all final index levels are at least their initial levels, $1,000 if all are at or above a 70% trigger buffer of initial levels, or $1,000 plus the return of the worst-performing index if any finishes below its trigger, which can result in a full loss of principal. Upside is capped by the call and maturity premiums, payments are in cash only, and returns and secondary-market value are subject to the credit risk of GS Finance Corp. and its parent and to complex tax and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering structured notes linked to the common stock of Amazon.com, Inc., Advanced Micro Devices, Inc. and Tesla, Inc. The notes pay contingent monthly coupons only if on a coupon observation date the closing price of each stock is at least 75% of its initial price; otherwise the coupon for that month is $0. If this condition holds, the coupon for each $1,000 face amount equals at least $8 per month (at least 0.8% monthly, up to at least 9.6% per annum) on a cumulative formula.

Beginning in July 2027 through June 2031, the notes are automatically called if on any call observation date the closing price of each stock is at least 95% of its initial price; investors then receive $1,000 per $1,000 face amount plus the applicable coupon. If not called, at maturity, expected July 31, 2031, holders receive $1,000 per $1,000 face amount plus any final coupon. The estimated value on the trade date is expected between $885 and $935 per $1,000 face amount, lower than the original issue price, and returns are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are intended to be treated as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $1,500,000 aggregate face amount of structured notes linked to the common stock of CrowdStrike, Microsoft and Snowflake. The notes mature on July 25, 2029 and may be automatically called monthly from July 2027 if all three stocks are at or above their initial prices of $198.49 (CrowdStrike), $402.29 (Microsoft) and $274.34 (Snowflake). Investors may receive conditional monthly coupons of $18.959 per $1,000 (1.8959% monthly, up to about 22.75% per year) whenever each stock is at or above 60% of its initial price; no coupon is paid otherwise. If the notes are not called, principal repayment depends on a trigger event: if every stock finishes below its initial price and any finishes below 60% of its initial price, repayment is reduced one-for-one with the worst performer and can fall to zero, with no coupon. The estimated initial value is about $965 per $1,000 face amount, versus a 100% issue price, and the notes are subject to the unsecured credit risk of GS Finance Corp. and the guarantor, with limited liquidity and complex market-disruption and anti-dilution adjustments.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of NVIDIA Corporation as the underlier, with an aggregate face amount of $1,400,000. The notes pay a contingent quarterly coupon of $37.50 per $1,000 (3.75% quarterly, up to 15.00% per annum) only if, on each coupon observation date, the NVDA closing level is at least 60% of the initial underlier level of $202.81.

The notes feature an automatic call: if NVDA’s closing level on any call observation date from January 2027 through April 2029 is at or above the initial level, investors receive $1,000 per note plus the due coupon on the following call payment date, and the term ends early. If not called, at maturity on July 20, 2029 investors receive, per $1,000 face amount, $1,000 if the final underlier level is at or above the 50% trigger buffer level, or $1,000 + $1,000 × underlier return if below that level, which can result in a total loss of principal.

The original issue price is 100% of face, with a 0.35% underwriting discount and 99.65% net proceeds to the issuer. Investors bear the credit risk of GS Finance Corp. and the guarantor, face limited liquidity and market value sensitivity to volatility, interest rates and credit spreads, and encounter uncertain U.S. tax treatment of the notes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero‑coupon notes linked to three stocks: SLB N.V., Snap Inc. Class A, and Snowflake Inc. The notes have an initial aggregate face amount of $1,000,000 and an original issue price of 100% of face, less a 2% underwriting discount, for 98% net proceeds to the issuer.

The notes may be automatically called quarterly starting July 27, 2027 if on a call observation date the closing price of each stock is at or above its applicable call level (which steps down from 90% to 60% of the initial prices). If called, holders receive $1,000 plus a call premium (from 36% up to 177% of face, depending on call date). If never called, at maturity on July 24, 2031, for each $1,000 face amount investors receive $2,800 if the final price of each stock is at or above 50% of its initial price. Otherwise they receive $1,000 plus the product of the lesser performing stock’s return and $1,000, exposing them to losses down to a complete loss of principal.

The initial stock prices are $46.39 (SLB), $4.56 (Snap), and $274.34 (Snowflake). The notes’ estimated value on the trade date, based on Goldman Sachs & Co. LLC models, is approximately $955 per $1,000 face amount, below the issue price. Investors bear the unsecured credit risk of GS Finance Corp. and its guarantor and have no rights in the underlying stocks. Complex anti‑dilution and market disruption provisions govern adjustments and valuation.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F, in an aggregate face amount of $6,258,000. These are contingent income auto-callable buffered notes linked to the Russell 2000 Index, the S&P 500 Index and the State Street Technology Select Sector SPDR ETF.

Each note has a $1,000 face amount and may pay a contingent monthly coupon of $10.542 (1.0542% monthly, up to approximately 12.65% per annum) if on the relevant observation date the closing level of each underlier is at or above its coupon trigger level, set at 70% of its initial level. The notes are automatically called if, on a call observation date, each underlier is at or above its initial level, in which case investors receive $1,000 plus any due coupon.

If the notes are not called, the cash settlement at maturity on July 25, 2029 depends solely on the lesser performing underlier. If its final level is at or above its trigger buffer level of 50% of initial, investors receive $1,000 per note (plus any final coupon). If it is below 50%, principal is reduced one-for-one with the lesser performing underlier return, and up to 100% of the investment can be lost. Initial underlier levels are 2,942.429 for the Russell 2000, 7,443.28 for the S&P 500 and $175.71 for XLK.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The original issue price includes a 1% underwriting discount (net proceeds 99%), and the estimated value determined by GS&Co.’s models is lower than the issue price. There is no exchange listing, market-making is discretionary, and the tax treatment is uncertain, with potential application of constructive ownership rules and FATCA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering unsecured, index-linked notes tied to the S&P 500^® Equal Weight Index. The notes pay no interest and are scheduled to mature on August 9, 2027, with the index observed on a determination date expected to be August 4, 2027. The initial index level is 8,619.71, set on July 21, 2026, and the threshold level is 90% of that initial level.

At maturity, for each $1,000 face amount, investors receive a cash amount based on index performance. If the final index level is at least 90% of the initial level (index return ≥ -10%), payment is capped at the maximum settlement amount of $1,083, limiting upside to a 8.3% gain. If the final level falls below 90%, the payoff declines linearly: investors lose approximately 1.1111% of principal for every additional 1% drop below the 90% threshold, and can lose up to their entire investment.

The notes’ estimated value on the trade date is expected to be between $900 and $930 per $1,000 face amount, reflecting embedded fees and hedging costs; secondary market prices may be lower and GS&Co. is not obligated to make a market. Payments depend entirely on the credit of GS Finance Corp. and the guarantor, and investors have no rights in the underlying index constituents or their dividends.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering $314,000 face amount of Medium-Term Notes, Series F, in the form of contingent income auto-callable notes linked to the common stock of Target Corporation. The notes are issued at 100% of face with a 0.5% underwriting discount and 99.5% net proceeds to the issuer.

Each $1,000 note may pay a contingent quarterly coupon of $26.25 per observation period if Target’s closing level is at least 50% of the initial level of $139.59. The notes are subject to an automatic call if the underlier is at or above the initial level on specified call observation dates, returning $1,000 plus any due coupon. If not called, at maturity investors receive $1,000 per note if the final underlier level is at least 50% of the initial level; otherwise they receive $1,000 plus $1,000 times the underlier return, which can result in a total loss of principal. Upside to increases in the underlier above the initial level is capped at return of principal plus coupons. Key risks include the credit risk of GS Finance Corp. and the guarantor, the possibility of receiving no coupons, significant losses if the underlier falls modestly below the buffer, limited liquidity, and uncertain U.S. tax treatment.