[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs (GS) Free Writing Prospectus 鈥� Market-Linked Securities
The filing describes an offering of S&P 500-linked Medium-Term Notes, Series F, issued by GS Finance Corp. and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Key economic terms are as follows:
- Tenor: approximately 2 years (issue expected 1 Jul 2025; maturity expected 1 Jul 2027).
- Upside: 100 % participation in any positive index return, capped at a maximum return of at least 14.35 % ($1,143.50 per $1,000 note).
- Downside: 1-to-1 exposure to the first 10 % decline in the S&P 500; investor may lose up to 10 % of principal. A minimum payment of $900 provides a limited buffer.
- Coupon: none; the notes are non-interest-bearing.
- Estimated value: $925鈥夆�撯��$955 per $1,000 face amount at pricing, below the $1,000 issue price.
- Underwriting discount: up to 2.575 %, with selling concessions to Wells Fargo Advisors of 2.00 % and a 0.075 % distribution expense fee.
- Market measure: S&P 500 Index; starting level set on 26 Jun 2025; ending level observed on 28 Jun 2027.
- CUSIP: 40058JFK6.
The securities carry the credit risk of both GS Finance Corp. and the parent guarantor, offer no equity ownership rights, and may trade at prices influenced by volatility, interest rates and issuer credit spreads. Investors should review the referenced preliminary pricing supplement, product supplement no. 5, underlier supplement no. 44, prospectus supplement and base prospectus for full terms and risk disclosures.
Goldman Sachs (GS) Prospetto Informativo 鈥� Titoli Collegati al Mercato
Il documento descrive un'offerta di Note a Medio Termine Serie F collegate all'S&P 500, emesse da GS Finance Corp. e garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. I principali termini economici sono i seguenti:
- Durata: circa 2 anni (emissione prevista per il 1掳 luglio 2025; scadenza prevista per il 1掳 luglio 2027).
- Potenziale rendimento positivo: partecipazione al 100% in qualsiasi rendimento positivo dell'indice, con un rendimento massimo di almeno il 14,35% (1.143,50 $ per ogni nota da 1.000 $).
- Rischio ribassista: esposizione diretta fino al 10% di ribasso dell'S&P 500; l'investitore pu貌 perdere fino al 10% del capitale. Un pagamento minimo di 900 $ offre una protezione limitata.
- Coupon: nessuno; le note non prevedono interessi.
- Valore stimato: tra 925 $ e 955 $ per ogni 1.000 $ di valore nominale al momento della quotazione, inferiore al prezzo di emissione di 1.000 $.
- Sconto di sottoscrizione: fino al 2,575%, con commissioni di vendita a Wells Fargo Advisors del 2,00% e una tassa di distribuzione dello 0,075%.
- Parametro di riferimento: indice S&P 500; livello iniziale fissato al 26 giugno 2025; livello finale rilevato il 28 giugno 2027.
- Codice CUSIP: 40058JFK6.
I titoli comportano il rischio di credito sia di GS Finance Corp. che della societ脿 garante madre, non conferiscono diritti di propriet脿 azionaria e possono essere scambiati a prezzi influenzati da volatilit脿, tassi di interesse e spread di credito dell'emittente. Gli investitori sono invitati a consultare il supplemento preliminare di prezzo, il supplemento prodotto n. 5, il supplemento sottostante n. 44, il supplemento al prospetto e il prospetto base per i termini completi e le informazioni sui rischi.
Prospecto Escrito Libre de Goldman Sachs (GS) 鈥� Valores Vinculados al Mercado
El documento describe una oferta de Notas a Medio Plazo Serie F vinculadas al S&P 500, emitidas por GS Finance Corp. y garantizadas total e incondicionalmente por The Goldman Sachs Group, Inc. Los t茅rminos econ贸micos clave son los siguientes:
- Plazo: aproximadamente 2 a帽os (emisi贸n prevista para el 1 de julio de 2025; vencimiento previsto para el 1 de julio de 2027).
- Potencial de ganancia: participaci贸n del 100 % en cualquier rendimiento positivo del 铆ndice, con un rendimiento m谩ximo de al menos 14,35 % (1.143,50 $ por cada nota de 1.000 $).
- Riesgo a la baja: exposici贸n uno a uno a la primera ca铆da del 10 % en el S&P 500; el inversor puede perder hasta el 10 % del principal. Un pago m铆nimo de 900 $ ofrece un amortiguador limitado.
- Cupones: ninguno; las notas no generan intereses.
- Valor estimado: entre 925 $ y 955 $ por cada 1.000 $ de valor nominal en el momento de la fijaci贸n de precio, por debajo del precio de emisi贸n de 1.000 $.
- Descuento de suscripci贸n: hasta el 2,575 %, con concesiones de venta a Wells Fargo Advisors del 2,00 % y una tarifa de gastos de distribuci贸n del 0,075 %.
- 脥ndice de referencia: 铆ndice S&P 500; nivel inicial fijado el 26 de junio de 2025; nivel final observado el 28 de junio de 2027.
- CUSIP: 40058JFK6.
Los valores conllevan el riesgo crediticio tanto de GS Finance Corp. como del garante principal, no otorgan derechos de propiedad sobre acciones y pueden negociarse a precios influenciados por la volatilidad, las tasas de inter茅s y los diferenciales de cr茅dito del emisor. Se recomienda a los inversores revisar el suplemento preliminar de precios, el suplemento de producto n.潞 5, el suplemento subyacente n.潞 44, el suplemento del prospecto y el prospecto base para conocer los t茅rminos completos y las divulgaciones de riesgos.
瓿摐毵� 靷姢(GS) 鞛愳湢鞛戩劚 靹る獏靹� 鈥� 鞁滌灔 鞐半彊 歃濌秾
氤� 靹滊電� GS Finance Corp.臧� 氚滍枆頃橁碃 The Goldman Sachs Group, Inc.臧� 鞝勳暋 氍挫“瓯� 氤挫頃橂姅 S&P 500 鞐半彊 欷戧赴毂勱秾 鞁滊Μ歃� F鞚� 氚滍枆 雮挫毄鞚� 靹る獏頃╇媹雼�. 欤检殧 瓴届牅 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 毵岅赴: 鞎� 2雲� (氚滍枆 鞓堨爼鞚� 2025雲� 7鞗� 1鞚�; 毵岅赴 鞓堨爼鞚� 2027雲� 7鞗� 1鞚�).
- 靸侅姽 彀胳棳鞙�: 歆�靾� 靸侅姽攵勳棎 100% 彀胳棳, 斓滊寑 靾橃澋毳� 斓滌唽 14.35% 頃滊弰 (1,000雼煬雼� 1,143.50雼煬).
- 頃橂澖 鞙勴棙: S&P 500 歆�靾� 斓滌磮 10% 頃橂澖鞐� 1雽�1 雲胳稖; 韴瀽鞛愲姅 鞗愱笀鞚� 斓滊寑 10% 靻愳嫟 臧�電�. 斓滌唽 歆�旮夓暋 900雼煬搿� 鞝滍暅鞝� 氤错樃 鞝滉车.
- 炜犿彴: 鞐嗢潓; 氍挫澊鞛� 歃濌秾.
- 鞓堨儊 臧�旃�: 臧�瓴� 毂呾爼 鞁� 1,000雼煬 氇呺臧�鞎‰嫻 925雼煬~955雼煬, 氚滍枆臧� 1,000雼煬氤措嫟 雮潓.
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.575%, Wells Fargo Advisors鞐� 韺愲Г 靾橃垬耄� 2.00%, 氚绊彫 牍勳毄 靾橃垬耄� 0.075% 韽暔.
- 鞁滌灔 歆�響�: S&P 500 歆�靾�; 鞁滌瀾 歆�靾橂姅 2025雲� 6鞗� 26鞚�, 膦呺 歆�靾橂姅 2027雲� 6鞗� 28鞚� 甏�彀�.
- CUSIP: 40058JFK6.
氤� 歃濌秾鞚� GS Finance Corp. 氚� 氇殞靷� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞚� 靾橂皹頃橂┌, 欤检嫕 靻岇湢甓岇潉 攵�鞐晿歆� 鞎婈碃 氤�霃欖劚, 旮堧Μ 氚� 氚滍枆鞛� 鞁犾毄 鞀ろ攧霠堧摐鞐� 霐半澕 臧�瓴� 氤�霃欖澊 鞛堨潉 靾� 鞛堨姷雼堧嫟. 韴瀽鞛愲姅 甏�霠� 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹� 5順�, 旮办磮 鞛愳偘 氤挫订靹� 44順�, 靹る獏靹� 氤挫订靹� 氚� 旮半掣 靹る獏靹滊ゼ 韱淀暣 鞝勳泊 臁瓣贝瓿� 鞙勴棙 瓿奠嫓毳� 氚橂摐鞁� 頇曥澑頃挫暭 頃╇媹雼�.
Goldman Sachs (GS) Prospectus d'脡criture Libre 鈥� Titres Li茅s au March茅
Le dossier d茅crit une 茅mission de Notes 脿 Moyen Terme, S茅rie F, li茅es 脿 l'indice S&P 500, 茅mises par GS Finance Corp. et enti猫rement et inconditionnellement garanties par The Goldman Sachs Group, Inc. Les principaux termes 茅conomiques sont les suivants :
- Dur茅e : environ 2 ans (茅mission pr茅vue le 1er juillet 2025 ; 茅ch茅ance pr茅vue le 1er juillet 2027).
- Potentiel de gain : participation 脿 100 % 脿 toute performance positive de l'indice, plafonn茅e 脿 un rendement maximal d'au moins 14,35 % (1 143,50 $ par note de 1 000 $).
- Risque 脿 la baisse : exposition un pour un 脿 la premi猫re baisse de 10 % du S&P 500 ; l'investisseur peut perdre jusqu'脿 10 % du capital. Un paiement minimum de 900 $ offre une protection limit茅e.
- Coupon : aucun ; les notes ne portent pas d'int茅r锚ts.
- Valeur estim茅e : entre 925 $ et 955 $ par tranche de 1 000 $ 脿 la tarification, en dessous du prix d'茅mission de 1 000 $.
- Remise de souscription : jusqu'脿 2,575 %, avec des concessions de vente 脿 Wells Fargo Advisors de 2,00 % et des frais de distribution de 0,075 %.
- Indice de r茅f茅rence : indice S&P 500 ; niveau de d茅part fix茅 au 26 juin 2025 ; niveau final observ茅 le 28 juin 2027.
- CUSIP : 40058JFK6.
Les titres comportent le risque de cr茅dit de GS Finance Corp. et de la soci茅t茅 garante principale, n'offrent aucun droit de propri茅t茅 sur actions et peuvent 锚tre n茅goci茅s 脿 des prix influenc茅s par la volatilit茅, les taux d'int茅r锚t et les 茅carts de cr茅dit de l'茅metteur. Les investisseurs doivent consulter le suppl茅ment pr茅liminaire de tarification, le suppl茅ment produit n掳 5, le suppl茅ment sous-jacent n掳 44, le suppl茅ment de prospectus et le prospectus de base pour les conditions compl猫tes et les divulgations des risques.
Goldman Sachs (GS) Free Writing Prospekt 鈥� Marktgebundene Wertpapiere
Die Einreichung beschreibt ein Angebot von S&P 500-gebundenen Medium-Term Notes, Serie F, herausgegeben von GS Finance Corp. und vollumf盲nglich und bedingungslos garantiert von The Goldman Sachs Group, Inc. Die wichtigsten wirtschaftlichen Bedingungen sind wie folgt:
- Laufzeit: ca. 2 Jahre (Ausgabe voraussichtlich am 1. Juli 2025; F盲lligkeit voraussichtlich am 1. Juli 2027).
- 础耻蹿飞盲谤迟蝉辫辞迟别苍迟颈补濒: 100 % Teilnahme an jeglicher positiver Indexrendite, begrenzt auf eine maximale Rendite von mindestens 14,35 % (1.143,50 $ pro 1.000 $-Note).
- 础产飞盲谤迟蝉辫辞迟别苍迟颈补濒: 1:1 Beteiligung an den ersten 10 % R眉ckgang des S&P 500; Anleger k枚nnen bis zu 10 % des Kapitals verlieren. Eine Mindestzahlung von 900 $ bietet einen begrenzten Schutz.
- Kupon: keiner; die Notes sind nicht verzinslich.
- Gesch盲tzter Wert: 925鈥夆�撯��955 $ pro 1.000 $ Nennwert bei Preisfeststellung, unter dem Ausgabepreis von 1.000 $.
- Underwriting-Rabatt: bis zu 2,575 %, mit Verkaufsprovisionen an Wells Fargo Advisors von 2,00 % und einer Vertriebsgeb眉hr von 0,075 %.
- 惭补谤办迟尘补脽蝉迟补产: S&P 500 Index; Startniveau festgelegt am 26. Juni 2025; Endniveau beobachtet am 28. Juni 2027.
- CUSIP: 40058JFK6.
Die Wertpapiere tragen das Kreditrisiko von GS Finance Corp. und dem Muttergaranten, gew盲hren keine Eigentumsrechte an Aktien und k枚nnen zu Preisen gehandelt werden, die von Volatilit盲t, Zinss盲tzen und Kreditspreads des Emittenten beeinflusst werden. Anleger sollten den referenzierten vorl盲ufigen Preiszusatz, Produkterg盲nzung Nr. 5, Basiswert-Erg盲nzung Nr. 44, Prospekterg盲nzung und Basisprospekt f眉r vollst盲ndige Bedingungen und Risikoangaben pr眉fen.
- None.
- None.
Insights
TL;DR Routine capital-raising; notes offer 14.35 % capped upside, 10 % downside buffer, no coupon鈥攏eutral for GS, risk-return trade-off for buyers.
From Goldman鈥檚 standpoint the product is a low-cost funding source: investors forego coupons and accept a fair-value estimate 4-7.5 % below issue price, providing the bank with embedded margin. Credit exposure remains unchanged because the notes rank pari passu with other senior unsecured debt. For investors, the structure is straightforward鈥攆ull index participation up to a modest 14.35 % cap and a 10 % principal buffer. Relative to traditional principal-protected notes, risk is higher (up to 10 % loss) while potential reward is constrained versus direct equity exposure. Secondary liquidity is unlikely to be robust, and valuation will be sensitive to S&P 500 volatility and GS credit spreads. Overall impact on GS financials is immaterial given the likely small issuance size, so I classify the filing as neutral.
TL;DR Offering adds retail-friendly structured note; immaterial for GS results, yields limited upside for buyers鈥攁llocation depends on risk budget.
The 2-year tenor aligns with many retail investors鈥� horizons, but a 14.35 % cap equates to roughly 6.9 % annualized maximum return鈥攂elow long-term S&P 500 averages. The 10 % buffer may appeal in mildly bearish outlooks, yet investors bear GS credit risk and illiquidity. Institutional portfolios would likely prefer direct equity or listed options for more efficient exposure. For GS, issuing zero-coupon, partially at-risk notes trims funding costs versus conventional debt. However, in the context of Goldman鈥檚 $500-plus billion balance sheet, this deal is financially negligible. I therefore assign a neutral impact score.
Goldman Sachs (GS) Prospetto Informativo 鈥� Titoli Collegati al Mercato
Il documento descrive un'offerta di Note a Medio Termine Serie F collegate all'S&P 500, emesse da GS Finance Corp. e garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. I principali termini economici sono i seguenti:
- Durata: circa 2 anni (emissione prevista per il 1掳 luglio 2025; scadenza prevista per il 1掳 luglio 2027).
- Potenziale rendimento positivo: partecipazione al 100% in qualsiasi rendimento positivo dell'indice, con un rendimento massimo di almeno il 14,35% (1.143,50 $ per ogni nota da 1.000 $).
- Rischio ribassista: esposizione diretta fino al 10% di ribasso dell'S&P 500; l'investitore pu貌 perdere fino al 10% del capitale. Un pagamento minimo di 900 $ offre una protezione limitata.
- Coupon: nessuno; le note non prevedono interessi.
- Valore stimato: tra 925 $ e 955 $ per ogni 1.000 $ di valore nominale al momento della quotazione, inferiore al prezzo di emissione di 1.000 $.
- Sconto di sottoscrizione: fino al 2,575%, con commissioni di vendita a Wells Fargo Advisors del 2,00% e una tassa di distribuzione dello 0,075%.
- Parametro di riferimento: indice S&P 500; livello iniziale fissato al 26 giugno 2025; livello finale rilevato il 28 giugno 2027.
- Codice CUSIP: 40058JFK6.
I titoli comportano il rischio di credito sia di GS Finance Corp. che della societ脿 garante madre, non conferiscono diritti di propriet脿 azionaria e possono essere scambiati a prezzi influenzati da volatilit脿, tassi di interesse e spread di credito dell'emittente. Gli investitori sono invitati a consultare il supplemento preliminare di prezzo, il supplemento prodotto n. 5, il supplemento sottostante n. 44, il supplemento al prospetto e il prospetto base per i termini completi e le informazioni sui rischi.
Prospecto Escrito Libre de Goldman Sachs (GS) 鈥� Valores Vinculados al Mercado
El documento describe una oferta de Notas a Medio Plazo Serie F vinculadas al S&P 500, emitidas por GS Finance Corp. y garantizadas total e incondicionalmente por The Goldman Sachs Group, Inc. Los t茅rminos econ贸micos clave son los siguientes:
- Plazo: aproximadamente 2 a帽os (emisi贸n prevista para el 1 de julio de 2025; vencimiento previsto para el 1 de julio de 2027).
- Potencial de ganancia: participaci贸n del 100 % en cualquier rendimiento positivo del 铆ndice, con un rendimiento m谩ximo de al menos 14,35 % (1.143,50 $ por cada nota de 1.000 $).
- Riesgo a la baja: exposici贸n uno a uno a la primera ca铆da del 10 % en el S&P 500; el inversor puede perder hasta el 10 % del principal. Un pago m铆nimo de 900 $ ofrece un amortiguador limitado.
- Cupones: ninguno; las notas no generan intereses.
- Valor estimado: entre 925 $ y 955 $ por cada 1.000 $ de valor nominal en el momento de la fijaci贸n de precio, por debajo del precio de emisi贸n de 1.000 $.
- Descuento de suscripci贸n: hasta el 2,575 %, con concesiones de venta a Wells Fargo Advisors del 2,00 % y una tarifa de gastos de distribuci贸n del 0,075 %.
- 脥ndice de referencia: 铆ndice S&P 500; nivel inicial fijado el 26 de junio de 2025; nivel final observado el 28 de junio de 2027.
- CUSIP: 40058JFK6.
Los valores conllevan el riesgo crediticio tanto de GS Finance Corp. como del garante principal, no otorgan derechos de propiedad sobre acciones y pueden negociarse a precios influenciados por la volatilidad, las tasas de inter茅s y los diferenciales de cr茅dito del emisor. Se recomienda a los inversores revisar el suplemento preliminar de precios, el suplemento de producto n.潞 5, el suplemento subyacente n.潞 44, el suplemento del prospecto y el prospecto base para conocer los t茅rminos completos y las divulgaciones de riesgos.
瓿摐毵� 靷姢(GS) 鞛愳湢鞛戩劚 靹る獏靹� 鈥� 鞁滌灔 鞐半彊 歃濌秾
氤� 靹滊電� GS Finance Corp.臧� 氚滍枆頃橁碃 The Goldman Sachs Group, Inc.臧� 鞝勳暋 氍挫“瓯� 氤挫頃橂姅 S&P 500 鞐半彊 欷戧赴毂勱秾 鞁滊Μ歃� F鞚� 氚滍枆 雮挫毄鞚� 靹る獏頃╇媹雼�. 欤检殧 瓴届牅 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 毵岅赴: 鞎� 2雲� (氚滍枆 鞓堨爼鞚� 2025雲� 7鞗� 1鞚�; 毵岅赴 鞓堨爼鞚� 2027雲� 7鞗� 1鞚�).
- 靸侅姽 彀胳棳鞙�: 歆�靾� 靸侅姽攵勳棎 100% 彀胳棳, 斓滊寑 靾橃澋毳� 斓滌唽 14.35% 頃滊弰 (1,000雼煬雼� 1,143.50雼煬).
- 頃橂澖 鞙勴棙: S&P 500 歆�靾� 斓滌磮 10% 頃橂澖鞐� 1雽�1 雲胳稖; 韴瀽鞛愲姅 鞗愱笀鞚� 斓滊寑 10% 靻愳嫟 臧�電�. 斓滌唽 歆�旮夓暋 900雼煬搿� 鞝滍暅鞝� 氤错樃 鞝滉车.
- 炜犿彴: 鞐嗢潓; 氍挫澊鞛� 歃濌秾.
- 鞓堨儊 臧�旃�: 臧�瓴� 毂呾爼 鞁� 1,000雼煬 氇呺臧�鞎‰嫻 925雼煬~955雼煬, 氚滍枆臧� 1,000雼煬氤措嫟 雮潓.
- 鞚胳垬 靾橃垬耄�: 斓滊寑 2.575%, Wells Fargo Advisors鞐� 韺愲Г 靾橃垬耄� 2.00%, 氚绊彫 牍勳毄 靾橃垬耄� 0.075% 韽暔.
- 鞁滌灔 歆�響�: S&P 500 歆�靾�; 鞁滌瀾 歆�靾橂姅 2025雲� 6鞗� 26鞚�, 膦呺 歆�靾橂姅 2027雲� 6鞗� 28鞚� 甏�彀�.
- CUSIP: 40058JFK6.
氤� 歃濌秾鞚� GS Finance Corp. 氚� 氇殞靷� 氤挫鞚胳潣 鞁犾毄 鞙勴棙鞚� 靾橂皹頃橂┌, 欤检嫕 靻岇湢甓岇潉 攵�鞐晿歆� 鞎婈碃 氤�霃欖劚, 旮堧Μ 氚� 氚滍枆鞛� 鞁犾毄 鞀ろ攧霠堧摐鞐� 霐半澕 臧�瓴� 氤�霃欖澊 鞛堨潉 靾� 鞛堨姷雼堧嫟. 韴瀽鞛愲姅 甏�霠� 鞓堧箘 臧�瓴� 氤挫订靹�, 靸來拡 氤挫订靹� 5順�, 旮办磮 鞛愳偘 氤挫订靹� 44順�, 靹る獏靹� 氤挫订靹� 氚� 旮半掣 靹る獏靹滊ゼ 韱淀暣 鞝勳泊 臁瓣贝瓿� 鞙勴棙 瓿奠嫓毳� 氚橂摐鞁� 頇曥澑頃挫暭 頃╇媹雼�.
Goldman Sachs (GS) Prospectus d'脡criture Libre 鈥� Titres Li茅s au March茅
Le dossier d茅crit une 茅mission de Notes 脿 Moyen Terme, S茅rie F, li茅es 脿 l'indice S&P 500, 茅mises par GS Finance Corp. et enti猫rement et inconditionnellement garanties par The Goldman Sachs Group, Inc. Les principaux termes 茅conomiques sont les suivants :
- Dur茅e : environ 2 ans (茅mission pr茅vue le 1er juillet 2025 ; 茅ch茅ance pr茅vue le 1er juillet 2027).
- Potentiel de gain : participation 脿 100 % 脿 toute performance positive de l'indice, plafonn茅e 脿 un rendement maximal d'au moins 14,35 % (1 143,50 $ par note de 1 000 $).
- Risque 脿 la baisse : exposition un pour un 脿 la premi猫re baisse de 10 % du S&P 500 ; l'investisseur peut perdre jusqu'脿 10 % du capital. Un paiement minimum de 900 $ offre une protection limit茅e.
- Coupon : aucun ; les notes ne portent pas d'int茅r锚ts.
- Valeur estim茅e : entre 925 $ et 955 $ par tranche de 1 000 $ 脿 la tarification, en dessous du prix d'茅mission de 1 000 $.
- Remise de souscription : jusqu'脿 2,575 %, avec des concessions de vente 脿 Wells Fargo Advisors de 2,00 % et des frais de distribution de 0,075 %.
- Indice de r茅f茅rence : indice S&P 500 ; niveau de d茅part fix茅 au 26 juin 2025 ; niveau final observ茅 le 28 juin 2027.
- CUSIP : 40058JFK6.
Les titres comportent le risque de cr茅dit de GS Finance Corp. et de la soci茅t茅 garante principale, n'offrent aucun droit de propri茅t茅 sur actions et peuvent 锚tre n茅goci茅s 脿 des prix influenc茅s par la volatilit茅, les taux d'int茅r锚t et les 茅carts de cr茅dit de l'茅metteur. Les investisseurs doivent consulter le suppl茅ment pr茅liminaire de tarification, le suppl茅ment produit n掳 5, le suppl茅ment sous-jacent n掳 44, le suppl茅ment de prospectus et le prospectus de base pour les conditions compl猫tes et les divulgations des risques.
Goldman Sachs (GS) Free Writing Prospekt 鈥� Marktgebundene Wertpapiere
Die Einreichung beschreibt ein Angebot von S&P 500-gebundenen Medium-Term Notes, Serie F, herausgegeben von GS Finance Corp. und vollumf盲nglich und bedingungslos garantiert von The Goldman Sachs Group, Inc. Die wichtigsten wirtschaftlichen Bedingungen sind wie folgt:
- Laufzeit: ca. 2 Jahre (Ausgabe voraussichtlich am 1. Juli 2025; F盲lligkeit voraussichtlich am 1. Juli 2027).
- 础耻蹿飞盲谤迟蝉辫辞迟别苍迟颈补濒: 100 % Teilnahme an jeglicher positiver Indexrendite, begrenzt auf eine maximale Rendite von mindestens 14,35 % (1.143,50 $ pro 1.000 $-Note).
- 础产飞盲谤迟蝉辫辞迟别苍迟颈补濒: 1:1 Beteiligung an den ersten 10 % R眉ckgang des S&P 500; Anleger k枚nnen bis zu 10 % des Kapitals verlieren. Eine Mindestzahlung von 900 $ bietet einen begrenzten Schutz.
- Kupon: keiner; die Notes sind nicht verzinslich.
- Gesch盲tzter Wert: 925鈥夆�撯��955 $ pro 1.000 $ Nennwert bei Preisfeststellung, unter dem Ausgabepreis von 1.000 $.
- Underwriting-Rabatt: bis zu 2,575 %, mit Verkaufsprovisionen an Wells Fargo Advisors von 2,00 % und einer Vertriebsgeb眉hr von 0,075 %.
- 惭补谤办迟尘补脽蝉迟补产: S&P 500 Index; Startniveau festgelegt am 26. Juni 2025; Endniveau beobachtet am 28. Juni 2027.
- CUSIP: 40058JFK6.
Die Wertpapiere tragen das Kreditrisiko von GS Finance Corp. und dem Muttergaranten, gew盲hren keine Eigentumsrechte an Aktien und k枚nnen zu Preisen gehandelt werden, die von Volatilit盲t, Zinss盲tzen und Kreditspreads des Emittenten beeinflusst werden. Anleger sollten den referenzierten vorl盲ufigen Preiszusatz, Produkterg盲nzung Nr. 5, Basiswert-Erg盲nzung Nr. 44, Prospekterg盲nzung und Basisprospekt f眉r vollst盲ndige Bedingungen und Risikoangaben pr眉fen.
Free Writing Prospectus pursuant to Rule 433 dated June 20, 2025
Registration Statement No. 333-284538
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Market Linked Securities — Upside Participation to a Cap and Partial Principal Return at Maturity Principal at Risk Securities Linked to the S&P 500® Index due July 1, 2027 |
Summary of Terms |
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Hypothetical Payout Profile* |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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* assumes a maximum return of 14.35% of the face amount per security ($143.50 per security). If the ending level is less than the starting level, you will have 1-to-1 downside exposure to the first 10% decline in the level of the underlier from the starting level and you may lose up to 10% of the face amount of your securities at maturity. You should read the accompanying preliminary pricing supplement dated June 20, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following: ● Preliminary pricing supplement dated June 20, 2025 ● WFS Product Supplement no. 5 dated February 14, 2025 ● Underlier supplement no. 44 dated March 20, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025 |
Market measure: |
the S&P 500® Index (the “underlier”) |
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Pricing date: |
expected to be June 26, 2025 |
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Issue date: |
expected to be July 1, 2025 |
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Calculation day: |
expected to be June 28, 2027 |
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Stated maturity date: |
expected to be July 1, 2027 |
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Starting level: |
the closing level of the underlier on the pricing date |
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Ending level: |
the closing level of the underlier on the calculation day |
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Underlier return: |
ending level – starting level starting level |
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Maximum return: |
at least 14.35% of the face amount per security (at least $143.50 per security) |
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Minimum payment at maturity: |
$900.00 per security (90% of the face amount) |
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Upside participation rate: |
100% |
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Payment amount at maturity (for each $1,000 face amount of your securities): |
• if the ending level is greater than the starting level: $1,000 plus the lesser of: (i) $1,000 × underlier return × upside participation rate; and (ii) the maximum return; or • if the ending level is less than or equal to the starting level: the greater of: (i) $1,000 + ($1,000 × underlier return); and (ii) the minimum payment at maturity |
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Underwriting discount: |
up to 2.575% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.575% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 2.00% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells. |
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The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities. |
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CUSIP: |
40058JFK6 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Consequences” in the accompanying preliminary pricing supplement |
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* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.20% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.
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The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the securities and certain risks.
About Your Securities |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 44, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 44, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 44, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.
Risk Factors |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying underlier supplement no. 44, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying underlier supplement no. 44, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “ Risk Factors” in the accompanying WFS product supplement no. 5, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 44, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ▪ The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Securities ▪ The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ The Amount Payable on Your Securities Is Not Linked to the Level of the Underlier at Any Time Other Than the Determination Date ▪ You May Lose a Portion of Your Investment in the Securities ▪ Your Securities Do Not Bear Interest ▪ The Potential for the Value of Your Securities to Increase Will Be Limited |
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▪ You Have No Shareholder Rights or Rights to Receive Any Underlier Stock ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ Your Securities Will Be Treated as Debt Instruments Subject to Special Rules Governing Contingent Payment Debt Instruments for U.S. Federal Income Tax Purposes ▪ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities |
For details about the license agreement between the underlier sponsor and the issuer, see “The Underliers - S&P 500® Index” on page S-125 of the accompanying underlier supplement no. 44.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the securities and certain risks.
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FAQ
What is the maximum return on Goldman Sachs (GS) S&P 500-linked notes?
How much principal protection do the GS Market-Linked Securities provide?
Do the securities pay periodic interest or coupons?
When do the GS structured notes mature?
Who guarantees payment on these securities?
Why is the estimated value ($925鈥�$955) below the $1,000 issue price?
