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.