Goldman Sachs (GSCE) index supplement: DJIA Futures Excess Return overview

Q: How did the index perform over recent periods as of April 1, 2026?

Annualized returns reported: 1 year 7.63% , 3 years 7.92% , 5 years 4.85% , and since Jan 4, 2021 6.56% . Annualized volatilities for those periods are provided alongside each return in the supplement.

Q: What are the primary risks called out in the index supplement for GSCE securities?

Key risks include negative roll yield affecting futures‑linked performance, credit risk of GS Finance Corp. and The Goldman Sachs Group, lack of dividend pass‑through, market suspension/disruption risks, and that futures are not assets with intrinsic value.

Q: Who calculates and publishes the index mentioned in GSCE materials?

The index is calculated, maintained, and published by S&P Dow Jones Indices LLC . The supplement lists S&P Dow Jones Indices LLC as the sponsor and calculation agent.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

424B3

Rhea-AI Filing Summary

GS Finance Corp. and Goldman Sachs & Co. LLC provide an index supplement for securities linked to the Dow Jones Industrial Average Futures Excess Return Index (Bloomberg: DJIAFP). The index tracks the nearest‑maturing quarterly E‑mini Dow ($5) futures contract and has a base value of 100 as of June 14, 2002. The supplement discloses index metrics through April 1, 2026, including annualized returns and volatilities (1‑, 3‑, 5‑year and since January 4, 2021), launch date (April 8, 2015), calculation and publication by S&P Dow Jones Indices LLC, and key risks such as negative roll yield, lack of dividend pass‑through, credit risk of the issuer/guarantor, and market‑suspension risk.

Key Figures

1‑year annualized return: 7.63% 1‑year annualized volatility: 16.84% 3‑year annualized return: 7.92% +5 more

8 metrics

1‑year annualized return 7.63% period ended April 1, 2026

1‑year annualized volatility 16.84% period ended April 1, 2026

3‑year annualized return 7.92% period ended April 1, 2026

3‑year annualized volatility 13.45% period ended April 1, 2026

5‑year annualized return 4.85% period ended April 1, 2026

5‑year annualized volatility 14.77% period ended April 1, 2026

Index launch date April 8, 2015 launch date stated in supplement

Index history available since June 14, 2002 base date with base value 100

Key Terms

Excess Return, Negative Roll Yield, E‑mini Dow ($5) futures, Annualized volatility, +1 more

5 terms

Excess Return financial

"Type: Excess Return"

Negative Roll Yield financial

"Negative Roll Yields Will Adversely Affect the Level"

E‑mini Dow ($5) futures market

"nearest maturing quarterly E‑mini Dow ($5) futures contract"

Annualized volatility financial

"Annualized volatility is a measure of the historical variability"

Calculation Agent regulatory

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

Offering Details

other

Offering

Offering Type other

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Accepted by SEC EDGAR 04/20/2026 - 05:19 PM

FAQ

What does the DJIA Futures Excess Return Index track (GSCE)?

It tracks the nearest‑maturing quarterly E‑mini Dow ($5) futures contract, the E‑mini Dow Jones Industrial futures (symbol "YM"). The index is price‑weighted and maintained by S&P Dow Jones Indices LLC, with a base value of 100 as of June 14, 2002.

How did the index perform over recent periods as of April 1, 2026?

Annualized returns reported: 1 year 7.63%, 3 years 7.92%, 5 years 4.85%, and since Jan 4, 2021 6.56%. Annualized volatilities for those periods are provided alongside each return in the supplement.

What are the primary risks called out in the index supplement for GSCE securities?

Key risks include negative roll yield affecting futures‑linked performance, credit risk of GS Finance Corp. and The Goldman Sachs Group, lack of dividend pass‑through, market suspension/disruption risks, and that futures are not assets with intrinsic value.

Where were the index levels and historical data obtained?

Closing levels and historical data used in graphs were obtained from Bloomberg Financial Services. The supplement states these sources were used without independent verification by the issuer or calculation agent.

Who calculates and publishes the index mentioned in GSCE materials?

The index is calculated, maintained, and published by S&P Dow Jones Indices LLC. The supplement lists S&P Dow Jones Indices LLC as the sponsor and calculation agent.

     April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement to the Underlier Supplement, the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a part of Registration Statement No. 333-284538

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

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

Dow Jones Industrial Average Futures Excess Return Index

Overview

     This section constitutes only a brief overview of the Dow Jones Industrial Average Futures Excess Return Index. The index is described in more detail under “The Underliers — Dow Jones Industrial Average Futures Excess Return Index” in the underlier supplement referred to in “About This Index Supplement” below.

    

The Dow Jones Industrial Average Futures Excess Return Index (current Bloomberg symbol: “DJIAFP Index”), which we also refer to in this index supplement as the “index,” measures the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract (which is the E-mini Dow Jones Industrial AverageSM futures contract (symbol: “YM”)) trading on the Chicago Mercantile Exchange. The Dow Jones Industrial Average® Index is a price-weighted index composed of 30 stocks that measures the performance of some of the largest U.S. companies.

The index has a base date of June 14, 2002, with a base value of 100, as adjusted, and is calculated, maintained and published by S&P Dow Jones Indices LLC.

We have derived all information contained in this index supplement regarding the index from publicly available information. Additional information about the index is available on the following website: spglobal.com/spdji/en/indices/other-strategies/dow-jones-industrial-average-futures-index. We are not incorporating by reference the website or any material it includes in this index supplement.



Quick Facts		Historical Performance
Sponsor	S&P Dow Jones Indices LLC	The graph below shows the daily historical closing levels of the index from January 4, 2021 through April 1, 2026. As a result, the below graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and, as a result, the level of most equity indices. We obtained the closing levels in the graph below from Bloomberg Financial Services, without independent verification. You should not take the historical levels of the index as an indication of its future performance.
Calculation Agent	S&P Dow Jones Indices LLC
Index Currency	USD
Bloomberg Ticker	DJIAFP
Rebalancing	Quarterly
Index Members	Variable
Geographical Coverage	US
Geographical Coverage	US	Annualized Return and Annualized Volatility
Type	Excess Return	The following table provides the annualized return and annualized volatility of the index for each applicable period ended April 1, 2026. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the index during the applicable time period. Annualized volatility is a measure of the historical variability of returns, and is calculated as the square root of 252 multiplied by the sample standard deviation of the daily logarithmic returns of the index during the applicable time period. You should not take any annualized return or annualized volatility information regarding the index as an indication of its future performance.
Launch Date	April 8, 2015		Annualized Return	Annualized Volatility
History Available Since	June 14, 2002	1 Year	7.63%	16.84%
		3 Years	7.92%	13.45%
		5 Years	4.85%	14.77%
		Since January 4, 2021	6.56%	14.72%

Your investment in securities linked to the index involves certain risks. See “Selected Risk Factors” on page S-3 to read about investment risks relating to such securities.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this index supplement, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying underlier supplement, the accompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Goldman Sachs & Co. LLC

April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement dated April 20, 2026.

S-1

     
     April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement
Dated April 20, 2026

Comparative Performance Data

Index Performance Compared to its Parent Index and a Select Broad-Based Stock Index

For comparative purposes, the graph below shows the performance, from January 4, 2021 through April 1, 2026, of the Dow Jones Industrial Average Futures Excess Return Index (in black), the Dow Jones Industrial Average® (in blue) and a broad-based equity index, the S&P 500® Index (in green). The S&P 500® Index seeks to track a representative sample of 500 companies in leading industries of the U.S. economy.

For comparative purposes, each of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index have been adjusted to have a closing level of 100.00 on January 4, 2021 by dividing the applicable closing level on each day by that index’s closing level on January 4, 2021 and multiplying the quotient by 100.00.

The daily historical closing levels of the indices used to create this graph were obtained from Bloomberg Financial Services, without independent verification. You should not take this graph or the historical closing levels of the indices used to create this graph as an indication of the future performance of any index, including the Dow Jones Industrial Average Futures Excess Return Index, or the correlation (if any) between the level of the Dow Jones Industrial Average Futures Excess Return Index and the levels of the Dow Jones Industrial Average® or the S&P 500® Index.

Comparative Performance of the Dow Jones Industrial Average Futures Excess Return Index (DJIAFP), the Dow Jones Industrial Average® (INDU) and a Broad-Based Stock Index (SPX)

Index Annualized Return Compared to its Parent Index and a Select Broad-Based Stock Index

The following table provides a comparison of the annualized returns of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index for the applicable period ended April 1, 2026. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the applicable index during the applicable time period. You should not take the annualized returns of the indices as an indication of the future performance of any index, including the Dow Jones Industrial Average Futures Excess Return Index.

Comparison of Annualized Returns of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and a Broad-Based Stock Index


	1 Year	3 Years	5 Years	Since January 4, 2021
S&P 500® Index	16.73%	16.96%	10.34%	11.60%
Dow Jones Industrial Average®	10.90%	11.85%	7.03%	8.60%
Dow Jones Industrial Average Futures Excess Return Index	7.63%	7.92%	4.85%	6.56%

S-2

     
     April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement
Dated April 20, 2026

Selected Risk Factors

An investment in securities linked to the index is subject to the risks described below as well as the risks and considerations described in the accompanying underlier supplement no. 48, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying prospectus supplement and the accompanying prospectus. The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 48. References below to “reference equity index” mean the “Dow Jones Industrial Average®”.

•

The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities

•

Your Securities Are Subject to the Credit Risk of GS Finance Corp., as Issuer, and the Credit Risk of The Goldman Sachs Group, Inc., as Guarantor

•

The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors

•

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

•

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

•

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

•

Past Performance is No Guide to Future Performance

•

The Policies of the Underlier Sponsor and Changes That Affect the Equity Futures Index or the Securities Comprising the Reference Equity Index Could Affect the Payment Amount on Your Securities and Their Market Value

•

Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises the Reference Equity Index, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in Business With, the Issuers of Securities Comprising the Reference Equity Index or Own the Underlying Futures Contracts, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Equity Index

•

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

•

Negative Roll Yields Will Adversely Affect the Level of the Equity Futures Index Over Time and Therefore the Amount Payable on the Securities

•

Futures Contracts Are Not Assets with Intrinsic Value

•

You Have No Rights in Any Futures Contract Tracked by the Dow Jones Industrial Average Futures Excess Return Index, the Nasdaq-100 Futures Excess Return™ Index, the Russell 2000® Futures Excess Return Index or the S&P 500® Futures Excess Return Index, As Applicable

•

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

•

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

S-3

     
     April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement
Dated April 20, 2026

About This Index Supplement

GS Finance Corp. may use this index supplement in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC (GS&Co.), or any other affiliate of GS Finance Corp., may use this index supplement in a market-making transaction in a security after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this index supplement is being used in a market-making transaction.

     This index supplement constitutes a supplement to the documents listed below and therefore should be read in conjunction with such documents:
•Underlier supplement no. 48 dated March 24, 2026
•Prospectus supplement dated February 14, 2025
•Prospectus dated February 14, 2025

    

S-4

We have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this index supplement, the accompanying underlier supplement no. 48, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This index supplement addendum is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this index supplement addendum, the accompanying index supplement no. 48, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

TABLE OF CONTENTS


April 2026 Dow Jones Industrial Average Futures Excess Return Index Supplement dated April 20, 2026
Dow Jones Industrial Average Futures Excess Return Index	S-1
Comparative Performance Data	S-2
Selected Risk Factors	S-3
About This Index Supplement	S-4

Source: View Original Filing on SEC EDGAR