高盛美股招股说明书(2025-04-21版)

Notes Linked to the Performance of the Goldman Sachs Momentum Builder®Focus ER Index GS Finance Corp. may from time to time offer and sell notes, the payments and performance of which will be linked to theGoldman Sachs Momentum Builder®Focus ER Index (the “index”). The index measures the performance of a “base index” andnon-interest bearing cash positions subject to certain deductions, as described in further detail below. On each index business day,exposure to the base index will be reduced and exposure to the non-interest bearing cash positions increased if (i) the realizedvolatility of the base index exceeds a volatility control limit of 5% (we refer to the base index, after applying this volatility controllimit, as the “volatility controlled index”) or (ii) the volatility controlled index has exhibited negative price momentum.The base index is composed of underlying assets, which consist of (i) nine underlying indices, potentially providing exposure to the following asset classes: focused U.S. equities; other developed market equities; developed market fixed income; emerging marketequities; and commodities; and (ii) a money market position that accrues interest at a rate equal to the federal funds rate (the“return-based money market position”). The base index rebalances on each index business day based on historical returns of theunderlying assets, subject to a limitation on realized volatility (which is separate from the volatility control mechanism described inthe paragraph above) and minimum and maximum weights for the underlying assets and asset classes. As a result of therebalancing, the base index may include as few as 2 underlying assets (including the return-based money market position) andmay never include some of the underlying indices or asset classes. The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition, theentire index is subject to a deduction of 0.65% per annum (accruing daily).The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on the full index means that any aggregate exposure to the return-based money market position or the non-interest bearing cash positions will reduce the indexperformance on a pro rata basis by 0.65%.As described herein, a very significant portion of the index has been, and may bein the future, allocated to the return-based money market position and the non-interest bearing cash positions. The accompanying prospectus and the accompanying prospectus supplement, each as may be amended from time to time, thatform a part of Registration Statement No. 333-284538, describes some of the terms that may apply generally to the notes,including any notes you purchase. A separate pricing supplement, which we refer to as the applicable pricing supplement and, ifspecified in the applicable pricing supplement, a separate product supplement, which we refer to as the applicable productsupplement, will describe additional terms that apply to your notes.This index supplement contains the following: •A summary overview of the index. You should read this summary overview in conjunction with (i) the more detaileddescription of index to be set forth in the applicable pricing supplement and (ii) the descriptions of the index’s eligibleunderlying assets (including the eligible underlying indices) set forth herein.•Certain risks applicable to the index’s eligible underlying indices. You should read these risks in conjunction with the risks andconsiderations described in the applicable pricing supplement (including risks and considerations relating to the index itself,the particular notes being offered thereby and certain other matters), the applicable product supplement, if any, theaccompanying prospectus supplement and the accompanying prospectus.•A description of the index’s eligible underlying assets. Your investment in the notes involves certain risks. See “Additional Risk Factors Specific to the Eligible Underlying Indices”beginning on page S-17to read about investment risks relating to the notes. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this index supplement no. 51, the applicable pricing supplement,the applicable product supplement, if any, the accompanying prospectus supplement or the accompanying prospectus.Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. GS Finance Corp. may use this index supplement in the initial sale of the notes. 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 note after its initialsale.Unless GS Finance Corp. or its age