Form 424B3 - Prospectus [Rule 424(b)(3)]
04 February 2025 - 9:07AM
Edgar (US Regulatory)
| Amendment No. 1 dated February 3, 2025 to January 2025 S&P 500® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum to the S&P 500® Futures Adaptive Response Indices Supplement No. 1, the Prospectus Supplement and the Prospectus, each as may be amended from time to time, that form a part of Registration Statement No. 333-269296 |
Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-269296 |
 |
GS Finance Corp.
Medium-Term Notes, Series F
guaranteed by
The Goldman Sachs Group, Inc. |
S&P 500® Futures 40% VT Adaptive
Response Index (USD) ER
Overview
| This section constitutes only a brief overview of the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER. See “About This Index Supplement Addendum” below. |
The S&P 500® Futures 40% VT Adaptive Response Index
(USD) ER (current Bloomberg symbol: “SPAR4VE Index”) attempts to provide exposure to the S&P 500® Futures
Excess Return Index with a rules-based overlay that adjusts exposure to the S&P 500® Futures Excess Return Index on
a daily basis. The objective of these rules, taken collectively, is to create an index that provides for volatility-adjusted exposure
to the S&P 500® Futures Excess Return Index, coupled with further adjustments based on calendar-based signals and price
patterns, subject to a maximum exposure of 500% and a maximum daily change in leverage of 100%.
The calendar-based signals and price patterns include:
| · | a “mean reversion signal,” which is based upon the assumption
that in the short-term, the underlying futures index will increase or decrease in value in the opposite direction of the short-term historical
increases or decreases in its value; |
| · | a “Federal Open Market Committee schedule (“FOMC”) signal,”
which is based on the assumption that equities may outperform going into and on the days on which there is a scheduled release of a statement
by the FOMC to announce monetary policies; and |
| · | “turn-of-the-month signals,” which are based on the assumption
that equities may mean revert during the final days of a given month if equities have performed negatively that month while the first
days of a new month generally yield positive returns for equity securities. |
The S&P 500® Futures Excess Return Index measures
the performance of the nearest maturing quarterly E-mini S&P 500 futures contract trading on the Chicago Mercantile Exchange.
We have derived all information contained in this index supplement addendum
regarding the index from publicly available information. Additional information about the index is available on the following website:
https://www.spglobal.com/spdji/en/indices/multi-asset/sp-500-futures-40-vt-adaptive-response-index/#overview. We are not incorporating
by reference the website or any material it includes in this index supplement addendum.
Quick
Facts
| Sponsor |
S&P Dow
Jones Indices
LLC |
|
| Calculation Agent |
S&P Dow
Jones Indices
LLC |
|
| Index Currency |
USD |
|
| |
| Reuters Ticker |
.SPAR4VE |
|
| Bloomberg Ticker |
SPAR4VE |
|
| Rebalancing |
Daily |
|
Geographical
Coverage |
US |
|
| Type |
Excess Return |
|
| |
| |
| Launch Date |
December 27, 2024 |
|
|
History
Available Since
|
January 4, 2000 |
|
| |
| |
Historical Performance, Annualized
Return and Annualized Volatility*
The graph below shows the daily historical closing
levels of the index from January 2, 2020 through January 30, 2025 (historical closing levels appear to the right of the vertical solid
line marker), and the following table provides the annualized return and annualized volatility of the index for each applicable period
ended January 30, 2025. As a result, this information does not reflect the global financial crisis which began in 2008, which had a materially
negative impact on the price of most equity securities and, as a result, the level of most equity indices.
| |
Annualized Return** |
Annualized Volatility*** |
| 1 Year |
35.45% |
44.05% |
| 3 Years* |
17.23% |
41.13% |
| 5 Years* |
22.14% |
42.11% |
| Since January 2, 2020* |
22.31% |
42.21% |
* Historical information begins December 27, 2024 (the index launch
date). Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s
website, without independent verification. You should not take the hypothetical performance data or historical performance data as
an indication of future performance.
** Annualized return represents the average rate of return
per annum of the index during the applicable time period.
*** Annualized volatility is a measure of the historical variability
of returns of the index during the applicable time period.
| Your investment in securities linked to the index involves certain risks. See “Selected Risk Factors”
on page S-5 to read about investment risks relating to such securities. |
Neither the Securities and Exchange Commission
nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this index supplement
addendum, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any,
the accompanying S&P 500® Futures Adaptive Response Indices Supplement No. 1, the accompanying prospectus 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 Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed
by, a bank.
Goldman Sachs & Co. LLC
Amendment No. 1 dated February 3, 2025 to January
2025 S&P 500® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum dated January 31, 2025.
 | January 2025 S&P 500® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated January 31, 2025 |
Comparative Performance Data
Index Performance Compared to
the S&P 500® Futures Excess Return Index and the S&P 500® Index*
For comparative purposes, the graph below shows
the performance, from January 2, 2020 through January 30, 2025, of the S&P 500® Futures 40% VT Adaptive Response Index
(USD) ER, the S&P 500® Futures Excess Return Index and the S&P 500® Index.
For comparative purposes, each of the S&P 500®
Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500® Futures Excess Return Index and the S&P 500®
Index have been adjusted to 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.
Comparative Performance of the S&P 500®
Futures 40% VT Adaptive Response Index (USD) ER (SPAR4VE) and the S&P 500® Futures Excess Return Index (SPXFP) and
the S&P 500® Index (SPX)
* Historical information for the S&P 500® Futures
40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid
line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s
website, without independent verification. You should not take the hypothetical performance data or historical performance data as
an indication of future performance.
Index Annualized Return Compared
to the S&P 500® Futures Excess Return Index and the S&P 500® Index*
The following table provides a comparison of the annualized returns
of the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500® Futures Excess Return
Index and the S&P 500® Index for the applicable period ended January 30, 2025.
Comparison of Annualized Returns of the S&P
500® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500® Futures Excess Return Index and the
S&P 500® Index**
| |
1
Year
|
3
Years
|
5
Years
|
Since January 2, 2020 |
| S&P 500® Index |
23.27% |
11.06% |
13.08% |
13.04% |
| S&P 500® Futures Excess Return Index |
17.59% |
7.70% |
11.41% |
11.43% |
| S&P 500® Futures 40% VT Adaptive Response Index (USD) ER |
35.45%* |
17.23%* |
22.14%* |
22.31%* |
* Historical information begins December 27, 2024 (the index launch
date). Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s
website, without independent verification. You should not take the hypothetical performance data or historical performance data as
an indication of future performance.
** Annualized return represents the average rate of return per annum,
calculated as the geometric average of the percentage change of the applicable index during the applicable time period.
| January 2025 S&P 500® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated January 31, 2025 |
Index Annualized Volatility Compared
to the S&P 500® Futures Excess Return Index and the S&P 500® Index*
The following graph provides a comparison of the
annualized volatility of the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER, the S&P 500®
Futures Excess Return Index and the S&P 500® Index from January 2, 2020 through January 30, 2025.
Comparison of Annualized Volatility of the S&P
500® Futures 40% VT Adaptive Response Index (USD) ER (SPAR4VE), the S&P 500® Futures Excess Return Index
(SPXFP) and the S&P 500® Index (SPX)**
* Historical information for the S&P 500® Futures
40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid
line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s
website, without independent verification. You should not take the hypothetical performance data or historical performance data as
an indication of future performance.
** For each day, annualized volatility is a measure of the historical
variability of returns, and is calculated as the square root of 252 multiplied by the sample standard deviation of the daily logarithmic
returns of the index during a 60 business day look-back period.
Index Exposure to the S&P
500® Futures Excess Return Index*
The following graph displays the percentage of
index exposure to the S&P 500® Futures Excess Return Index and the performance the S&P 500® Futures
Excess Return Index during the period from January 2, 2020 through January 30, 2025. The percentage of index exposure to the S&P 500®
Futures Excess Return Index on January 29, 2025 is 255.19%. The S&P 500® Futures Excess Return Index has been adjusted
to have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by such index’s closing
level on January 2, 2020 and multiplying the quotient by 100.00.
Percentage of Index Exposure to the S&P 500®
Futures Excess Return Index
* Historical information for the S&P 500® Futures
40% VT Adaptive Response Index (USD) ER begins December 27, 2024 (the index launch date) and appears to the right of the vertical solid
line marker. Hypothetical performance data, which was used for all data prior to December 27, 2024, was obtained from the index sponsor’s
website, without independent verification. You should not take the hypothetical performance data or historical performance data as
an indication of future performance.
| January 2025 S&P 500® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated January 31, 2025 |
Selected Risk Factors
An investment in securities linked to the index
is subject to the risks described below as well as the risks and considerations described in the accompanying S&P 500®
Futures Adaptive Response Indices Supplement No. 1, the applicable pricing supplement, the applicable product supplement, if any, the
applicable general terms supplement, if any, the accompanying prospectus supplement and the accompanying prospectus. The following risk
factors are discussed in greater detail in the accompanying S&P 500® Futures Adaptive Response Indices Supplement No.
1. References below to: (1) “underlying futures index” mean the "S&P 500® Futures Excess Return Index";
(2) “reference index” mean the “S&P 500® Index”; and (3) "underlier stock"
refer to the stocks that comprise the reference index.
| · | The Estimated Value of Your Securities At the Time the Terms
of Your Securities Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original
Issue Price Of Your Securities |
| · | Your Securities Are Subject to the Credit Risk of GS Finance
Corp., as Issuer, and the Credit Risk of The Goldman Sachs Group, Inc., as Guarantor |
| · | The Market Value of Your Securities May Be Influenced by
Many Unpredictable Factors |
| · | If the Value of an Index Changes, the Market Value of Your
Securities May Not Change in the Same Manner |
| · | You Have No Rights in Any Futures Contract Tracked By the
S&P 500® Futures Excess Return Index |
| · | You Have No Shareholder Rights or Rights to Receive Any Underlier
Stock |
| · | Past Performance is No Guide to Future Performance |
| · | Securities Linked to the Index Are Not Suitable For All Investors
and Should Be Purchased Only By Investors Who Understand Leverage Risk; the Index May Have Leveraged Exposure to the Underlying Futures
Index in Falling Stock Markets |
| · | The Index Is Subject to Risks Associated With Leveraged Exposure
and There Is a Greater Risk You Will Receive Less Than the Face Amount of Your Securities Relative to Securities Linked to the Underlying
Futures Index, Assuming All Other Terms Remain the Same |
| · | The Index is Subject to Risks Associated with a Cap on the
Daily Change in Leverage |
| · | There Is No Assurance that Calculating Realized Volatility
as the Average of Short-Term Volatility and Long-Term Volatility Is the Best Way to Measure Realized Volatility |
| · | There Is No Guarantee that the Index Will Achieve the Volatility
Target |
| · | The Index is Subject to Risks Associated with the Use of
Signals |
| · | The Index is Subject to Risks Associated with Turn-of-the-Month
Signals |
| · | The Index is Subject to Risks Associated with the Mean Reversion
Signal |
| · | The Index is Subject to Risks Associated with the Federal
Open Markets Committee Schedule Signal |
| · | The Index May Be Significantly Uninvested |
| · | The Index May Realize Significant Losses if It Is Not Consistently
Successful in Increasing Exposure to the Underlying Futures Index in Advance of Increases in the Underlying Futures Index and Reducing
Exposure to the Underlying Futures Index in Advance of Declines in the Underlying Futures Index |
| · | The Index May Not Be Successful or Outperform Any Alternative
Strategy that Might Be Employed in Respect of the Underlying Futures Index |
| · | An Affiliate of GS Finance Corp. Coordinated with the Index
Sponsor in the Development of the Index |
| · | The Index Has a Limited Operating History |
| · | If the Closing Level of the Index Becomes Zero or Negative,
the Closing Level of the Index Will Remain Zero, Which Could Adversely Impact the Amount Payable on Your Securities and You May Lose Your
Entire Investment in the Securities |
| · | Under Certain Circumstances, Your Securities May Have a Higher
Risk of Automatic Redemption Than Securities Linked to the Underlying Futures Index |
| · | The Underlying Futures Index Is Expected to Underperform
the Total Return Performance of the S&P 500® Index Because of an Implicit Financing Cost |
| · | The Policies of the Index Sponsor and Changes that Affect
the Underlying Futures Index or the Securities Comprising the Reference Index Could Affect the Payment Amount on Your Securities and Their
Market Value |
| · | Except to the Extent The Goldman Sachs Group, Inc. Is One
of the Companies Whose Common Stock Comprises the Reference Index, and Except to the Extent That We or Our Affiliates May Currently or
in the Future Own Securities of, or Engage in |
| January 2025 S&P 500® 40% VT Adaptive Response Index (USD) ER Index Supplement Addendum Dated January 31, 2025 |
Business With, the Issuers of Securities Comprising the Reference
Index or Own the Underlying Asset, There Is No Affiliation Between Us and the Issuers of Securities Comprising the Reference Index
| · | Linking to an Equity Futures Contract Is Different from Linking
to the Index or the Underlying Futures Index |
| · | Negative Roll Yields Will Adversely Affect the Level of the
Index Over Time and Therefore the Amount Payable on the Securities |
| · | Futures Contracts Are Not Assets with Intrinsic Value |
| · | You Have No Rights in Any Futures Contract Tracked By the
Underlying Futures Index |
| · | Owning the Securities Is Not the Same as Directly Owning
the Index Stocks or Futures Contract Directly or Indirectly Tracked by the Underlying Futures Index |
| · | Suspension or Disruptions of Market Trading in Stocks or
Futures Contracts May Adversely Affect the Value of the Securities |
About This Index Supplement
Addendum
GS Finance Corp. may use this index supplement
addendum in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC (GS&Co.), or any other affiliate of GS Finance
Corp., may use this index supplement addendum in a market-making transaction in a security after its initial sale. Unless GS Finance
Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this index supplement addendum is being used in a market-making
transaction.
This index supplement addendum constitutes a supplement
to the documents listed below and therefore should be read in conjunction with such documents:
We have not authorized anyone to provide any information or to make
any representations other than those contained in or incorporated by reference in this index supplement addendum, the accompanying S&P
500® Futures Adaptive Response Indices Supplement No. 1, the accompanying prospectus supplement or the accompanying prospectus.
We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This
index supplement addendum is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where
it is lawful to do so. The information contained in this index supplement addendum, the accompanying S&P 500® Futures
Adaptive Response Indices Supplement No. 1, the accompanying prospectus supplement and the accompanying prospectus is current only as
of the respective dates of such documents.
TABLE OF CONTENTS
| Amendment No. 1 dated February 3, 2025 to January 2025 S&P 500® Futures 40% VT Adaptive Response Index (USD) ER Supplement Addendum dated January 31, 2025 |
| |
| S&P 500® Futures 40% VT Adaptive Response Index (USD) ER |
S-1 |
| Comparative Performance Data |
S-2 |
| Selected Risk Factors |
S-4 |
| About This Index Supplement Addendum |
S-5 |
| |
|
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