高盛美股招股说明书(2025-12-23版)

BlackRockDynamic Factor Index Supplement No. 72® Notes Linked to the Performance of the BlackRockDynamic Factor Index GS Finance Corp. may from time to time offer and sell notes, the payments and performance of which will be linked to theBlackRock®Dynamic Factor Index (the “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 return on (i)the Secured Overnight Financing Rate (SOFR) plus 0.26161% 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 common economic measures (factors)– “economic regime”, “value” and “momentum”, while the weights of the ETFs within the fixed income ETF basket aredetermined based on how medium-term interest rates are trending. The relative weights of the equity ETF basket, the fixedincome ETF basket and the cash constituent that compose the index are determined based on measures of volatility using As a result of such allocations, the index may include limited exposure to the ETFs and may allocate a significantportion of its exposure to the cash constituent, the return on which will be less than thesumof the return on (i)SOFRplus0.26161%plus(ii) 0.65% per annum. In the recent past, a very significant portion (up to 85.5%) of theindex has been allocated to the cash constituent. The greater the percentage of the index allocated to the cash 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% per annumfee (accruing daily). Further, prior to such date, the cash constituent reflected notional returns accruing to ahypothetical investor from an investment in a notional money market account that accrued interest at 3-month USD LIBOR, which return was less than the return on the sum of 3-month USD LIBOR plus 0.65% per annum. As a result, that form a part of Registration Statement No. 333-284538, describes some of the terms that may apply generally to thenotes, including any notes you purchase. A separate pricing supplement, which we refer to as the applicable pricingsupplement and, if specified in the applicable pricing supplement, a separate product supplement, which we refer to as the •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 underlying assets (including the ETFs) set forth herein. •Certain risks applicable to the index’s ETFs. You should read these risks in conjunction with the risks and considerationsdescribed in the applicable pricing supplement (including risks and considerations relating to the index itself, theparticular 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 underlying assets. Your investment in the notes involves certain risks. See “Additional Risk Factors Specific to the ETFs” beginning on page S-10 to read about investment risks relating to the notes. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this index supplement no. 72, the applicable pricingsupplement, the applicable product supplement, if any, the accompanying prospectus supplement or the 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 anote after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of Goldman Sachs & Co. LLC In this index supplement, when we refer to a “note” we mean a note linked to the index specified herein unless the contextrequires otherwise. Please note that in this index supplement, references to “GS Finance Corp.”, “we”, “our” and “us” referonly to GS Finance Corp. and do not include its consolidated subsidiaries or affiliates. Also, references to “The GoldmanSachs Group, Inc.”, our ultimate parent company, refer only to The Goldman Sachs Group, Inc. and do not include itsconsolidated subsidiaries, while references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with itsconsolidated subsidiaries