高盛美股招股说明书(2025-12-19版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-284538 GS Finance Corp.$ If the closing level of the S&P 500®Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER on anymonthly coupon observation date isless than70% of the initial underlier level, you will not receive a coupon onthe applicable payment date.The amount that you will be paid on your notes is based on the performance of the index.The notes will mature on the stated maturity date (expected to be December 26, 2031), unless automatically called on anyquarterly call observation date (expected to be the coupon observation dates occurring in March, June, September andDecember of each year, commencing in June 2026 to and including September 2031). Your notes will be automaticallycalled if the closing level of the index on any such call observation date isgreater thanorequal tothe initial underlier level December 2031. If on any coupon observation date the closing level of the index is greater than or equal to 70% of theinitial underlier level, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notesequal to $15.834 (1.5834% monthly, or the potential for up to approximately 19% per annum). The index attempts to provide exposure to the S&P 500®Futures Excess Return Index with a rules-based overlay thatadjusts exposure to the S&P 500®Futures Excess Return Index on a daily basis. The objective of these rules, takencollectively, is to create an index that provides for volatility-adjusted exposure to the S&P 500®Futures Excess ReturnIndex, coupled with further adjustments based on calendar-based signals and price patterns, subject to a maximumexposure of 500% and a maximum daily change in leverage of 100%. In addition, the index is subject to a daily decrementof 6.0% per annum. The S&P 500® on buying and holding the securities underlying such contract.The index is subject to risks associated with the use of significant leverage. Investors should be aware that the use of leverage will magnify and accelerate any negative performance of the index. The index is also subject to acap on the maximum daily change in leverage of 100%, which may result in the index leveraging up more slowlyin the event of a market rally, and/or deleveraging more slowly in the event of a market sell-off, compared to an daily, even when the index is not fully invested. The deduction of the decrement has the effect of offsettingpositive returns, and worsening negative returns, on the performance of the index, and the inclusion of thedecrement means the index will trail the performance of an identical index without such a decrement feature. Inaddition, the index may be significantly uninvested in the S&P 500®Futures Excess Return Index on any givenday, and, in that case, will realize only a portion of any gains in the appreciation of the S&P 500®Return Index or the E-mini S&P 500 futures contracts on that day and any uninvested portion will earn no return.The index attempts to provide exposure to the S&P 500®Futures Excess Return Index. The S&P 500®Excess Return Index tracks futures contracts on the S&P 500®Index and is likely to underperform the total returnperformance of the S&P 500®Index because of an implicit financing cost.The description above is only a summary. For a more detailed description of the index, see “Index Summary”beginning on page PS-3. Futures Excess The amount that you will be paid on your notes at maturity,if the notes have not been automatically called, in addition tothe final coupon, if any, is based on the performance of the index. The underlier return is the percentage increase ordecrease in the closing level of the index on the determination date (the final coupon observation date, expected to be At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:if the underlier return isgreater thanorequal to-30% (the final underlier level isgreater than or equal to70% of the initial underlier level), $1,000 plus a coupon calculated as described above;if the underlier return isless than-30% (the final underlier level isless than70% of the initial underlier level),butgreater thanorequal to-50% (the final underlier level isgreater thanorequal to50% of the initialunderlier level), $1,000 (you will not receive a coupon); or You should read the disclosure herein to better understand the terms and risks of your investment, including thecredit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as risks associated with the index,including the use of leverage and a decrement. See page PS-14. $885 and $925 per $1,000 face amount. For a discussion of the estimated value and the price at