GS Finance Corp. filed Amendment No. 1 to a Free Writing Prospectus on October 28, 2026, disclosing terms for its Lookback Trigger PLUS structured notes linked to the Invesco S&P 500 Equal Weight ETF, with an expected maturity date of November 3, 2028.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. provides a full and unconditional guarantee under the Medium-Term Notes, Series F program.
  • Underlying reference: The notes are linked to the Invesco S&P 500 Equal Weight ETF (Bloomberg symbol: "RSP UP Equity"), not directly to the S&P 500 index itself.
  • Leverage and cap: The leverage factor is 125.00%, with a maximum payment at maturity of at least $1,212.5 per $1,000 stated principal amount (at least 121.25%).
  • Trigger price: Set at 90.00% of the initial ETF price; if the final ETF price falls below this level, investors may lose a significant portion or all of their investment.
  • Estimated value range: $905 to $965 per note at pricing, which the filing states is less than the $1,000 original issue price.
  • Initial observation period: Expected to run from the pricing date through November 30, 2026; the initial ETF price will be the lowest closing price recorded during that period.
  • CUSIP / ISIN: 40058MFL7 / US40058MFL72; pricing date expected on or about October 30, 2026, with an original issue date expected to be November 5, 2026.

Structure and Payoff Terms of the GS Finance RSP-Linked Notes

According to the filing, GS Finance Corp. is offering principal-at-risk structured notes that do not bear interest. The notes are part of the Medium-Term Notes, Series F program and are registered under Registration Statement No. 333-284538. Payment at maturity for each $1,000 stated principal amount depends entirely on the closing price of the Invesco S&P 500 Equal Weight ETF on the valuation date, expected to be October 31, 2028, relative to the initial ETF price established at the end of the initial observation period.

The filing describes three maturity payment scenarios. If the final ETF price exceeds the initial ETF price, investors receive $1,000 plus a leveraged upside payment calculated as $1,000 multiplied by the 125.00% leverage factor and the ETF percent increase, subject to the maximum payment cap. If the final ETF price is at or below the initial ETF price but at or above the trigger price of 90.00% of the initial ETF price, investors receive $1,000. If the final ETF price falls below the trigger price, investors receive $1,000 multiplied by the ETF performance factor, which the filing notes could result in losing a significant portion or all of the investment.

The filing also states that the initial ETF price is set as the lowest closing price of the ETF during the approximately one-month initial observation period. Any day on which the calculation agent determines a market disruption event occurs will be excluded from that calculation. The filing further discloses that the return on the notes will not reflect any dividends paid on the underlying ETF or the stocks it holds, and that investing in these notes is not equivalent to investing directly in the ETF.

What Was Disclosed

GS Finance Corp. disclosed key terms of its Lookback Trigger PLUS notes linked to the Invesco S&P 500 Equal Weight ETF, including a 125.00% leverage factor, a 90.00% trigger price, an estimated value of $905 to $965 per note, and a stated maturity of November 3, 2028.