高盛美股招股说明书(2025-09-23版)

September 2025 BlackRockDynamic Factor Index Supplement Addendum tothe BlackRockDynamic Factor Index Supplement, the Prospectus Supplementand the Prospectus, each as may be amended from time to time, that form a partof Registration Statement No. 333-284538®® GS Finance Corp.Medium-Term Notes, Series Fguaranteed byThe Goldman Sachs Group, Inc. BlackRockDynamic Factor IndexThe BlackRock®Dynamic Factor Index (the index) measures the extent to which the performance of the combination of® an equity ETF basket composed of up to five equity ETFs, a fixed income ETF basket composed of up to three fixedincome ETFs and a cash constituent (together with the ETFs, the underlying assets) outperforms the sum of the returnon (i) the Secured Overnight Financing Rate (SOFR)plus0.26161%plus(ii) an additional 0.65% per annum fee(accruing daily). The weights of the ETFs within the equity ETF basket are determined based on three commoneconomic measures (factors) – “economic regime”, “value” and “momentum”, while the weights of the ETFs within thefixed income ETF basket are determined based on how medium-term interest rates are trending. The relative weightsof the equity ETF basket, the fixed income ETF basket and the cash constituent that compose the index are determinedbased on measures of volatility using the past returns of the ETFs (i.e., the degree of variation in past returns given thevarious weightings of these components). The equity ETF basket rebalances monthly and the fixed income ETF basketrebalances on each index business day. Allocations of the index among the equity ETF basket, the fixed income ETFbasket and the cash constituent are determined on each index business day with a goal of limiting volatility (i.e., thedegree of variation in the past returns) to no more than 5%. As a result of such allocations, the index may include limited exposure to the ETFs and may allocate asignificant portion of its exposure to the cash constituent, the return on which will be less than the sum of thereturn on (i) SOFRplus0.26161%plus(ii) 0.65% per annum. In the recent past, a very significant portion (up to85.5%) of the index has been allocated to the cash constituent. The greater the percentage of the indexallocated to the cash constituent, the higher the return that will be required on the ETFs in order to have areturn on your investment.Because the index measures the performance of the selected underlying assets less the sum of the return on (i) SOFR plus 0.26161% plus (ii) 0.65% per annum (accruing daily), on any day such underlying assets mustoutperform the return on (i) SOFR plus 0.26161% plus (ii) 0.65% per annum for the index level to increase.Prior to December 28, 2021, the index measured the extent to which the performance of the combination of theunderlying assets outperformed the sum of the return on 3-month USD LIBOR plus an additional 0.65% perannum fee (accruing daily). Further, prior to such date, the cash constituent reflected notional returnsaccruing to a hypothetical investor from an investment in a notional money market account that accruedinterest at 3-month USD LIBOR, which return was less than the return on the sum of 3-month USD LIBOR plus0.65% per annum. As a result, extremely limited historical information regarding the performance of the indexsubsequent to its discontinued use of 3-month USD LIBOR is available, which may make it difficult for you tomake an informed decision with respect to an investment in the notes. Index Performance versus Selected Benchmarks*The following chart and table provide a comparison between the index and certain classes of assets (in each case, represented by a benchmark equity ETF (the iSharesCore S&P 500 ETF (IVV)) and a benchmark fixed incomeETF (the iShares7-10 Year Treasury Bond ETF (IEF)) from January 1, 2020 to September 2, 2025.®® * Index data reflects the index’s use of 3-month USD LIBOR prior to December 28, 2021. The index discontinued use of 3-month USD LIBOR forall purposes on December 28, 2021 and replaced such rate with SOFR plus 0.26161%. Therefore, extremely limited information regarding theperformance of the index subsequent to its discontinued use of 3-month USD LIBOR is available, which may make it difficult for you to make aninformed decision with respect to an investment in the notes.Your investment in securities linked to the index involves certain risks. See “Selected Risk Factors” on page S-3to read aboutinvestment risks relating to such securities. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecuritiesor passed upon the accuracy or adequacy of this index supplement addendum,the applicable pricingsupplement,the applicable product supplement,if any,the accompanying index supplement,the accompanyingprospectus 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 Fed