高盛美股招股说明书(2025-11-25版)

the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a partof Registration Statement No. 333-284538 GS Finance Corp. S&P 500® Overview This section constitutes only a brief overview of the S&P 500Volatility Plus Daily Risk Control Index. The index is described in more detail under “The ® Underliers — S&P 500Volatility Plus Daily Risk Control Index” in the underlier supplement referred to in “About This Index Supplement” below.The S&P 500®Volatility Plus Daily Risk Control Index (current Bloomberg symbol: “SPXVPRCU Index”), which we also refer to in this index supplement as the “index,” is designed to provide leveraged exposure to the S&P 500®Index based on a dynamic volatility target, subject to a minimum exposure of 100%and a maximum exposure of 200%. The S&P 500®Index includes a representative sample of 500 companies in leading industries of the U.S. economy. We have derived all information contained in this index supplement regarding the index from publicly available information. Additional information about theindex is available on the following website: spglobal.com/spdji/en/indices/strategy/sp-500-volatility-plus-daily-risk-control-index. We are not incorporating byreference the website or any material it includes in this index supplement. Annualized Return and Annualized Volatility The following table provides the annualized return and annualized volatility of the index for each applicable period endedNovember 3, 2025 (using hypothetical performance data and historical closing levels, as described above). Annualizedreturn represents the average rate of return per annum, calculated as the geometric average of the percentage change ofthe index during the applicable time period. Annualized volatility is a measure of the historical variability of returns, and iscalculated as the square root of 252 multiplied by the sample standard deviation of the daily logarithmic returns of the index Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed uponthe accuracy or adequacy of this index supplement, the applicable pricing supplement, the applicable product supplement, if any, the applicablegeneral terms supplement, if any, the accompanying underlier supplement, the accompanying prospectus supplement or the accompanying The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor arethey obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC November 2025 S&P 500®Volatility Plus Daily Risk Control Index Supplement dated November 24, 2025 img194494014_2.jpg Comparative Performance Data Index Performance Compared to its Parent Index For comparative purposes, the graph below shows the performance, from January 2, 2020 through November 3, 2025, of the S&P 500 Volatility Plus Daily Risk Control Index (in blue) and the S&P 500® For comparative purposes, each of the S&P 500®have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by that index’s closing level on January 2, 2020 and multiplying the quotient by 100.00. includes hypothetical performance data for the S&P 500®Volatility Plus Daily Risk Control Index prior to its launch on March 21, 2022. Thehypothetical performance data for the S&P 500®Volatility Plus Daily Risk Control Index prior to March 21, 2022 used to create this graph was obtained from the index sponsor’s website, without independent verification. The daily historical closing levels of the S&P 500 Volatility Plus Daily Risk Control Index from March 21, 2022 to November 3, 2025 used to create this graph were obtained from BloombergFinancial Services, without independent verification. (In the graph, historical closing levels can be found to the right of the vertical solid line marker.) The daily historical closing levels of the S&P 500®Index from January 2, 2020 through November 3, 2025 used to create thisgraph were obtained from Bloomberg Financial Services, without independent verification.You should not take this graph, the hypothetical performance data or historical closing levels of the indices used to create this graph as an indication of the futureperformance of any index, including the S&P 500®Volatility Plus Daily Risk Control Index, or the correlation (if any) between thelevel of the S&P 500®Volatility Plus Daily Risk Control Index and the level of the S&P 500®Index. img194494014_2.jpg Index Annualized Return Compared to its Parent Index The following table provides a comparison of the annualized returns of the S&P 500® 500®Index for the applicable period ended November 3, 2025 (using hypothetical performance data and historical closing levels, asdescribed above). Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the applicab