[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs (GS) is marketing an autocallable, contingent-coupon structured note linked to the worst-performing of Super Micro Computer (SMCI) and MicroStrategy (MSTR) common shares. The $1,000-denominated securities are expected to price on 18-Jul-2025, settle on 23-Jul-2025 and mature on 21-Jul-2028, unless automatically called earlier.
Income potential: Investors earn a quarterly contingent coupon of 鈮� 8.9625% of face (35.85% p.a.) when the lowest underlying closes at or above 60 % of its starting price on the relevant calculation day. A 鈥渕emory鈥� feature pays any previously missed coupons once the trigger is satisfied.
Early redemption: Beginning January 2026, if the worst-performing share closes at or above its starting price on any quarterly calculation day, the notes are automatically called at par plus that quarter鈥檚 coupon (and any deferred coupons).
Principal risk: If the note is not called and, on the final calculation day, the worst-performing share is below 60 % of its starting price, investors receive $1,000 脳 performance factor, exposing them to full downside beyond the 40 % buffer. Investors therefore face a potential loss of more than 40 % and up to 100 % of principal.
Credit & valuation: The notes are senior unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The preliminary estimated value is $925-$955 per $1,000, reflecting an initial value shortfall and embedded fees (underwriting discount up to 2.325 % plus additional selling concessions).
- Underlying selection: SMCI and MSTR are historically volatile equities, increasing the probability of coupon suspension and principal loss.
- Liquidity: No exchange listing is planned; secondary trading, if any, will be limited and may be at prices below the estimated value.
Investors seeking high income and willing to accept significant equity and credit risk may find the structure attractive; however, the combination of high volatility underlyings, sizeable fees, and downside exposure demands careful risk assessment.
Goldman Sachs (GS) propone un'obbligazione strutturata autocallable con cedola condizionata legata all'azione peggiore tra Super Micro Computer (SMCI) e MicroStrategy (MSTR). I titoli, denominati in $1.000, dovrebbero essere quotati il 18-lug-2025, regolati il 23-lug-2025 e scadere il 21-lug-2028, salvo richiamo anticipato automatico.
Potenziale di rendimento: Gli investitori percepiscono una cedola trimestrale condizionata di almeno 8,9625% del valore nominale (35,85% annuo) se l鈥檃zione peggiore chiude al 60% o pi霉 del prezzo iniziale nella data di calcolo. La funzione 鈥渕emory鈥� consente di recuperare eventuali cedole non pagate precedentemente una volta soddisfatta la condizione.
Rimborso anticipato: Da gennaio 2026, se l鈥檃zione peggiore chiude al prezzo iniziale o superiore in una data di calcolo trimestrale, i titoli vengono richiamati automaticamente a valore nominale pi霉 la cedola del trimestre (inclusi eventuali pagamenti differiti).
Rischio sul capitale: Se il titolo non viene richiamato e alla data finale l鈥檃zione peggiore 猫 inferiore al 60% del prezzo iniziale, l鈥檌nvestitore riceve $1.000 脳 fattore di performance, esponendosi a una perdita superiore al 40% fino al 100% del capitale.
Credito e valutazione: I titoli sono obbligazioni senior non garantite di GS Finance Corp., garantite incondizionatamente da The Goldman Sachs Group, Inc. Il valore stimato preliminare 猫 tra $925 e $955 per $1.000, riflettendo uno sconto iniziale e commissioni incorporate (sconto di sottoscrizione fino al 2,325% pi霉 ulteriori concessionari di vendita).
- Selezione degli underlying: SMCI e MSTR sono azioni storicamente volatili, aumentando la probabilit脿 di sospensione delle cedole e perdita del capitale.
- 尝颈辩耻颈诲颈迟脿: Non 猫 prevista quotazione in borsa; il trading secondario, se presente, sar脿 limitato e potr脿 avvenire a prezzi inferiori al valore stimato.
Gli investitori che cercano elevati redditi e accettano rischi significativi di equity e credito potrebbero trovare interessante questa struttura, ma la combinazione di alta volatilit脿, commissioni elevate e rischio di perdita richiede un鈥檃ttenta valutazione del rischio.
Goldman Sachs (GS) est谩 comercializando un bono estructurado autocancelable con cup贸n contingente vinculado a la acci贸n con peor desempe帽o entre Super Micro Computer (SMCI) y MicroStrategy (MSTR). Los valores, denominados en $1,000, se esperan cotizar el 18-jul-2025, liquidar el 23-jul-2025 y vencer el 21-jul-2028, salvo que se cancelen autom谩ticamente antes.
Potencial de ingresos: Los inversionistas reciben un cup贸n trimestral contingente de al menos 8.9625% del valor nominal (35.85% anual) si la acci贸n con peor desempe帽o cierra en o por encima del 60% de su precio inicial en el d铆a de c谩lculo relevante. La funci贸n 鈥渕emoria鈥� paga cualquier cup贸n omitido previamente una vez que se cumple el disparador.
Redenci贸n anticipada: A partir de enero de 2026, si la acci贸n con peor desempe帽o cierra en o por encima de su precio inicial en cualquier d铆a de c谩lculo trimestral, los bonos se cancelan autom谩ticamente al valor nominal m谩s el cup贸n de ese trimestre (y cualquier cup贸n diferido).
Riesgo de principal: Si el bono no se cancela y en el d铆a de c谩lculo final la acci贸n con peor desempe帽o est谩 por debajo del 60% de su precio inicial, los inversionistas reciben $1,000 脳 factor de desempe帽o, exponi茅ndose a una p茅rdida total que puede superar el 40% y llegar hasta el 100% del principal.
Cr茅dito y valoraci贸n: Los bonos son obligaciones senior no garantizadas de GS Finance Corp. y est谩n garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. El valor estimado preliminar es de $925-$955 por cada $1,000, reflejando un descuento inicial y comisiones incorporadas (descuento de suscripci贸n hasta 2.325% m谩s concesiones adicionales de venta).
- Selecci贸n del subyacente: SMCI y MSTR son acciones hist贸ricamente vol谩tiles, aumentando la probabilidad de suspensi贸n de cupones y p茅rdida de principal.
- Liquidez: No se planea cotizaci贸n en bolsa; el comercio secundario, si existe, ser谩 limitado y puede ocurrir a precios por debajo del valor estimado.
Los inversionistas que buscan altos ingresos y est谩n dispuestos a aceptar riesgos significativos de renta variable y cr茅dito pueden encontrar atractiva esta estructura; sin embargo, la combinaci贸n de alta volatilidad en los subyacentes, comisiones considerables y exposici贸n a p茅rdidas requiere una evaluaci贸n cuidadosa del riesgo.
瓿摐毵� 靷姢(GS)電� Super Micro Computer(SMCI)鞕� MicroStrategy(MSTR) 氤错喌欤� 欷� 斓滌爛 靹标臣 欤检嫕鞐� 鞐半彊霅� 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 甑“頇� 歃濌秾鞚� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 1,000雼煬 雼渼搿� 氚滍枆霅橂姅 鞚� 歃濌秾鞚� 2025雲� 7鞗� 18鞚�鞐� 臧�瓴╈澊 毂呾爼霅橁碃, 2025雲� 7鞗� 23鞚�鞐� 瓴办牅霅橂┌, 鞛愲彊 靸來櫂霅橃 鞎婋姅 頃� 2028雲� 7鞗� 21鞚�鞐� 毵岅赴霅╇媹雼�.
靾橃澋 鞛犾灛霠�: 斓滌爛 靹标臣 欤检嫕鞚� 頃措嫻 靷办爼鞚检棎 鞁滌瀾 臧�瓴╈潣 60% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎, 韴瀽鞛愲姅 攵勱赴氤� 臁瓣贝攵� 炜犿彴鞙茧 氇呺旮堨暋鞚� 8.9625% 鞚挫儊(鞐� 35.85%)毳� 氚涭姷雼堧嫟. '氅旊毽�' 旮半姤鞚� 臁瓣贝 於╈” 鞁� 鞚挫爠鞐� 歆�旮夒悩歆� 鞎婌潃 炜犿彴霃� 歆�旮夗暕雼堧嫟.
臁瓣赴 靸來櫂: 2026雲� 1鞗旊秬韯� 斓滌爛 靹标臣 欤检嫕鞚� 攵勱赴氤� 靷办爼鞚检棎 鞁滌瀾 臧�瓴� 鞚挫儊鞙茧 毵堦皭頃橂┐, 歃濌秾鞚� 氇呺臧�鞐� 頃措嫻 攵勱赴 炜犿彴(氚� 鞐办泊 炜犿彴 韽暔)鞚� 雿旐暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�.
鞗愱笀 鞙勴棙: 歃濌秾鞚� 靸來櫂霅橃 鞎婈碃 斓滌 靷办爼鞚检棎 斓滌爛 靹标臣 欤检嫕鞚� 鞁滌瀾 臧�瓴╈潣 60% 氙鸽鞚� 瓴届毎, 韴瀽鞛愲姅 1,000雼煬 脳 靹标臣 瓿勳垬毳� 氚涥矊 霅橃柎 40% 鞚挫儊鞚� 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�. 歃�, 韴瀽鞛愲姅 斓滊寑 100%旯岇 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 鞛堨姷雼堧嫟.
鞁犾毄 氚� 韽夑皜: 鞚� 歃濌秾鞚� GS Finance Corp.鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲鞚措┌, The Goldman Sachs Group, Inc.臧� 鞝勳暋 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 齑堦赴 鞓堨儊 臧�旃橂姅 氇呺臧� 1,000雼煬雼� 925词955雼煬搿�, 齑堦赴 臧�旃� 頃犾澑瓿� 雮挫灔 靾橃垬耄�(斓滊寑 2.325%鞚� 鞚胳垬 頃犾澑 氚� 於旉皜 韺愲Г 靾橃垬耄�)毳� 氚橃榿頃� 瓴冹瀰雼堧嫟.
- 旮办磮鞛愳偘 靹犾爼: SMCI鞕� MSTR鞚� 鞐偓鞝侅溂搿� 氤�霃欖劚鞚� 韥� 欤检嫕鞙茧, 炜犿彴 歆�旮� 欷戨嫧 氚� 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 雴掛瀰雼堧嫟.
- 鞙犽彊靹�: 瓯半灅靻� 靸侅灔鞚� 鞓堨爼霅橃柎 鞛堨 鞎婌溂氅�, 2彀� 瓯半灅臧� 鞛堨潉 瓴届毎 鞝滍暅鞝侅澊瓿� 鞓堨儊 臧�旃橂炒雼� 雮潃 臧�瓴╈棎 瓯半灅霅� 靾� 鞛堨姷雼堧嫟.
雴掛潃 靾橃澋鞚� 於旉惮頃橁碃 靸侂嫻頃� 欤检嫕 氚� 鞁犾毄 鞙勴棙鞚� 臧愳垬頃� 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愳棎瓴� 毵る牓鞝侅澑 甑“鞚� 靾� 鞛堨溂雮�, 雴掛潃 氤�霃欖劚, 靸侂嫻頃� 靾橃垬耄�, 頃橂癌 鞙勴棙鞚� 瓴绊暕霅橃柎 鞛堨柎 鞁犾頃� 鞙勴棙 韽夑皜臧� 頃勳殧頃╇媹雼�.
Goldman Sachs (GS) commercialise une note structur茅e autocallable 脿 coupon conditionnel li茅e 脿 la performance la plus faible entre les actions ordinaires de Super Micro Computer (SMCI) et MicroStrategy (MSTR). Les titres, d鈥檜ne valeur nominale de 1 000 $, devraient 锚tre prix le 18 juillet 2025, r茅gl茅s le 23 juillet 2025 et arriver 脿 茅ch茅ance le 21 juillet 2028, sauf rappel automatique anticip茅.
Potentiel de revenu : Les investisseurs per莽oivent un coupon conditionnel trimestriel d鈥檃u moins 8,9625 % de la valeur nominale (35,85 % par an) si l鈥檃ctif sous-jacent le plus faible cl么ture 脿 au moins 60 % de son prix initial 脿 la date de calcul pertinente. Une fonction 芦 m茅moire 禄 permet de payer les coupons manqu茅s d猫s que le seuil est atteint.
Remboursement anticip茅 : 脌 partir de janvier 2026, si l鈥檃ction la moins performante cl么ture 脿 son prix initial ou au-dessus lors d鈥檜ne date de calcul trimestrielle, les notes sont automatiquement rappel茅es 脿 la valeur nominale plus le coupon du trimestre (et tout coupon diff茅r茅).
Risque sur le capital : Si la note n鈥檈st pas rappel茅e et que, 脿 la date de calcul finale, l鈥檃ction la moins performante est inf茅rieure 脿 60 % de son prix initial, les investisseurs re莽oivent 1 000 $ 脳 facteur de performance, s鈥檈xposant 脿 une perte potentielle sup茅rieure 脿 40 % et pouvant aller jusqu鈥櫭� 100 % du capital.
Cr茅dit et valorisation : Les notes sont des obligations senior non garanties de GS Finance Corp. et sont garanties de mani猫re pleine et inconditionnelle par The Goldman Sachs Group, Inc. La valeur estim茅e pr茅liminaire est comprise entre 925 $ et 955 $ pour 1 000 $, refl茅tant une d茅cote initiale et des frais int茅gr茅s (d茅cote de souscription jusqu鈥櫭� 2,325 % plus concessions de vente suppl茅mentaires).
- S茅lection des sous-jacents : SMCI et MSTR sont des actions historiquement volatiles, ce qui augmente la probabilit茅 de suspension des coupons et de perte en capital.
- 尝颈辩耻颈诲颈迟茅 : Aucune cotation en bourse n鈥檈st pr茅vue ; les transactions secondaires, le cas 茅ch茅ant, seront limit茅es et pourraient se faire 脿 des prix inf茅rieurs 脿 la valeur estim茅e.
Les investisseurs recherchant un revenu 茅lev茅 et acceptant des risques importants en actions et en cr茅dit pourraient trouver cette structure attrayante ; toutefois, la combinaison de la forte volatilit茅 des sous-jacents, des frais importants et de l鈥檈xposition au risque 脿 la baisse n茅cessite une 茅valuation rigoureuse des risques.
Goldman Sachs (GS) bietet eine autocallable, kontingente Kupon strukturierte Note an, die an die am schlechtesten performende Aktie von Super Micro Computer (SMCI) und MicroStrategy (MSTR) gekoppelt ist. Die auf 1.000 $ lautenden Wertpapiere sollen am 18. Juli 2025 bepreist, am 23. Juli 2025 abgewickelt und am 21. Juli 2028 f盲llig werden, sofern sie nicht vorher automatisch zur眉ckgerufen werden.
Einkommenspotenzial: Anleger erhalten einen viertelj盲hrlichen kontingenten Kupon von mindestens 8,9625 % des Nennwerts (35,85 % p.a.), wenn die am schlechtesten performende Aktie am relevanten Berechnungstag bei mindestens 60 % des Startkurses schlie脽t. Eine 鈥濵emory鈥�-Funktion zahlt zuvor verpasste Kupons nach, sobald die Ausl枚sebedingung erf眉llt ist.
Vorzeitige R眉ckzahlung: Ab Januar 2026 werden die Notes automatisch zum Nennwert plus Kupon f眉r das Quartal (und aufgelaufene Kupons) zur眉ckgerufen, wenn die am schlechtesten performende Aktie an einem viertelj盲hrlichen Berechnungstag auf oder 眉ber dem Startkurs schlie脽t.
Kapitalrisiko: Wird die Note nicht zur眉ckgerufen und schlie脽t die am schlechtesten performende Aktie am letzten Berechnungstag unter 60 % des Startkurses, erhalten Anleger 1.000 $ 脳 Performance-Faktor, wodurch sie einem vollst盲ndigen Abw盲rtsrisiko jenseits des 40 %-Puffers ausgesetzt sind. Investoren tragen somit ein potenzielles Verlustrisiko von mehr als 40 % bis hin zu 100 % des Kapitals.
Kredit & Bewertung: Die Notes sind unbesicherte Seniorverbindlichkeiten der GS Finance Corp. und werden uneingeschr盲nkt von The Goldman Sachs Group, Inc. garantiert. Der vorl盲ufig gesch盲tzte Wert liegt bei 925鈥�955 $ pro 1.000 $, was einen anf盲nglichen Wertabschlag und eingebettete Geb眉hren (Zeichnungsabschlag bis zu 2,325 % plus zus盲tzliche Verkaufsprovisionen) widerspiegelt.
- Auswahl der Basiswerte: SMCI und MSTR sind historisch volatile Aktien, was die Wahrscheinlichkeit von Kuponaussetzungen und Kapitalverlust erh枚ht.
- 尝颈辩耻颈诲颈迟盲迟: Es ist keine B枚rsennotierung geplant; der Sekund盲rhandel wird, falls vorhanden, begrenzt sein und kann unter dem gesch盲tzten Wert erfolgen.
Anleger, die hohe Ertr盲ge suchen und bereit sind, erhebliche Aktien- und Kreditrisiken einzugehen, k枚nnten die Struktur attraktiv finden; die Kombination aus hoher Volatilit盲t der Basiswerte, betr盲chtlichen Geb眉hren und Abw盲rtsrisiko erfordert jedoch eine sorgf盲ltige Risikobewertung.
- High contingent coupon of at least 35.85% per annum with quarterly memory feature offers substantial income potential.
- 40% downside buffer (threshold at 60% of start) provides conditional principal protection if breach is avoided.
- Automatic call mechanism can return capital early at par plus coupons, shortening duration if underlyings remain stable.
- Full guarantee by The Goldman Sachs Group, Inc. adds investment-grade credit support.
- Principal at risk: investors absorb full downside once the 40% buffer is breached at maturity.
- No upside participation in SMCI or MSTR appreciation beyond coupon payments.
- Estimated value discount of $925-$955 vs. $1,000 issue price highlights embedded fees and negative carry.
- Underlyings are highly volatile, increasing likelihood of coupon suspension, barrier breach and principal loss.
- Limited liquidity: no exchange listing and secondary prices may be well below intrinsic value.
- Credit exposure to Goldman Sachs as unsecured creditor.
Insights
TL;DR: High 35.85% coupon offsets 40% buffer risk; volatile SMCI/MSTR make principal loss probability meaningful.
The note鈥檚 appeal rests on an eye-catching coupon and memory feature, yet both equities exhibit beta >2 and heavy momentum-fuelled swings. That volatility erodes the likelihood of consistent trigger satisfaction and raises the chance the 60 % barrier is breached at maturity. The estimated value discount (4.5-7.5 %) plus 2.325 % underwriting cost reveals sizeable distribution economics. For income-seeking investors, the structure can perform if markets stay constructive, but risk-adjusted return pales against simpler high-yield alternatives. From Goldman鈥檚 perspective, issuance is routine and not material to earnings.
TL;DR: Coupling SMCI with MSTR concentrates downside to two hyper-volatile tech names鈥攂uffer may prove insufficient.
Both underlyings have experienced >50 % drawdowns within 12-month windows. The worst-of methodology means even one sharp sell-off suspends coupons and drives losses. Investors receive no upside participation, so expected return skews negative under high-volatility Monte Carlo scenarios. Credit risk is minimal relative to equity risk, but illiquidity compounds mark-to-market volatility. Overall effect on GS equity is negligible; impact for note buyers is highly path-dependent and speculative.
Goldman Sachs (GS) propone un'obbligazione strutturata autocallable con cedola condizionata legata all'azione peggiore tra Super Micro Computer (SMCI) e MicroStrategy (MSTR). I titoli, denominati in $1.000, dovrebbero essere quotati il 18-lug-2025, regolati il 23-lug-2025 e scadere il 21-lug-2028, salvo richiamo anticipato automatico.
Potenziale di rendimento: Gli investitori percepiscono una cedola trimestrale condizionata di almeno 8,9625% del valore nominale (35,85% annuo) se l鈥檃zione peggiore chiude al 60% o pi霉 del prezzo iniziale nella data di calcolo. La funzione 鈥渕emory鈥� consente di recuperare eventuali cedole non pagate precedentemente una volta soddisfatta la condizione.
Rimborso anticipato: Da gennaio 2026, se l鈥檃zione peggiore chiude al prezzo iniziale o superiore in una data di calcolo trimestrale, i titoli vengono richiamati automaticamente a valore nominale pi霉 la cedola del trimestre (inclusi eventuali pagamenti differiti).
Rischio sul capitale: Se il titolo non viene richiamato e alla data finale l鈥檃zione peggiore 猫 inferiore al 60% del prezzo iniziale, l鈥檌nvestitore riceve $1.000 脳 fattore di performance, esponendosi a una perdita superiore al 40% fino al 100% del capitale.
Credito e valutazione: I titoli sono obbligazioni senior non garantite di GS Finance Corp., garantite incondizionatamente da The Goldman Sachs Group, Inc. Il valore stimato preliminare 猫 tra $925 e $955 per $1.000, riflettendo uno sconto iniziale e commissioni incorporate (sconto di sottoscrizione fino al 2,325% pi霉 ulteriori concessionari di vendita).
- Selezione degli underlying: SMCI e MSTR sono azioni storicamente volatili, aumentando la probabilit脿 di sospensione delle cedole e perdita del capitale.
- 尝颈辩耻颈诲颈迟脿: Non 猫 prevista quotazione in borsa; il trading secondario, se presente, sar脿 limitato e potr脿 avvenire a prezzi inferiori al valore stimato.
Gli investitori che cercano elevati redditi e accettano rischi significativi di equity e credito potrebbero trovare interessante questa struttura, ma la combinazione di alta volatilit脿, commissioni elevate e rischio di perdita richiede un鈥檃ttenta valutazione del rischio.
Goldman Sachs (GS) est谩 comercializando un bono estructurado autocancelable con cup贸n contingente vinculado a la acci贸n con peor desempe帽o entre Super Micro Computer (SMCI) y MicroStrategy (MSTR). Los valores, denominados en $1,000, se esperan cotizar el 18-jul-2025, liquidar el 23-jul-2025 y vencer el 21-jul-2028, salvo que se cancelen autom谩ticamente antes.
Potencial de ingresos: Los inversionistas reciben un cup贸n trimestral contingente de al menos 8.9625% del valor nominal (35.85% anual) si la acci贸n con peor desempe帽o cierra en o por encima del 60% de su precio inicial en el d铆a de c谩lculo relevante. La funci贸n 鈥渕emoria鈥� paga cualquier cup贸n omitido previamente una vez que se cumple el disparador.
Redenci贸n anticipada: A partir de enero de 2026, si la acci贸n con peor desempe帽o cierra en o por encima de su precio inicial en cualquier d铆a de c谩lculo trimestral, los bonos se cancelan autom谩ticamente al valor nominal m谩s el cup贸n de ese trimestre (y cualquier cup贸n diferido).
Riesgo de principal: Si el bono no se cancela y en el d铆a de c谩lculo final la acci贸n con peor desempe帽o est谩 por debajo del 60% de su precio inicial, los inversionistas reciben $1,000 脳 factor de desempe帽o, exponi茅ndose a una p茅rdida total que puede superar el 40% y llegar hasta el 100% del principal.
Cr茅dito y valoraci贸n: Los bonos son obligaciones senior no garantizadas de GS Finance Corp. y est谩n garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. El valor estimado preliminar es de $925-$955 por cada $1,000, reflejando un descuento inicial y comisiones incorporadas (descuento de suscripci贸n hasta 2.325% m谩s concesiones adicionales de venta).
- Selecci贸n del subyacente: SMCI y MSTR son acciones hist贸ricamente vol谩tiles, aumentando la probabilidad de suspensi贸n de cupones y p茅rdida de principal.
- Liquidez: No se planea cotizaci贸n en bolsa; el comercio secundario, si existe, ser谩 limitado y puede ocurrir a precios por debajo del valor estimado.
Los inversionistas que buscan altos ingresos y est谩n dispuestos a aceptar riesgos significativos de renta variable y cr茅dito pueden encontrar atractiva esta estructura; sin embargo, la combinaci贸n de alta volatilidad en los subyacentes, comisiones considerables y exposici贸n a p茅rdidas requiere una evaluaci贸n cuidadosa del riesgo.
瓿摐毵� 靷姢(GS)電� Super Micro Computer(SMCI)鞕� MicroStrategy(MSTR) 氤错喌欤� 欷� 斓滌爛 靹标臣 欤检嫕鞐� 鞐半彊霅� 鞛愲彊靸來櫂順� 臁瓣贝攵� 炜犿彴 甑“頇� 歃濌秾鞚� 毵堨紑韺呿晿瓿� 鞛堨姷雼堧嫟. 1,000雼煬 雼渼搿� 氚滍枆霅橂姅 鞚� 歃濌秾鞚� 2025雲� 7鞗� 18鞚�鞐� 臧�瓴╈澊 毂呾爼霅橁碃, 2025雲� 7鞗� 23鞚�鞐� 瓴办牅霅橂┌, 鞛愲彊 靸來櫂霅橃 鞎婋姅 頃� 2028雲� 7鞗� 21鞚�鞐� 毵岅赴霅╇媹雼�.
靾橃澋 鞛犾灛霠�: 斓滌爛 靹标臣 欤检嫕鞚� 頃措嫻 靷办爼鞚检棎 鞁滌瀾 臧�瓴╈潣 60% 鞚挫儊鞙茧 毵堦皭頃� 瓴届毎, 韴瀽鞛愲姅 攵勱赴氤� 臁瓣贝攵� 炜犿彴鞙茧 氇呺旮堨暋鞚� 8.9625% 鞚挫儊(鞐� 35.85%)毳� 氚涭姷雼堧嫟. '氅旊毽�' 旮半姤鞚� 臁瓣贝 於╈” 鞁� 鞚挫爠鞐� 歆�旮夒悩歆� 鞎婌潃 炜犿彴霃� 歆�旮夗暕雼堧嫟.
臁瓣赴 靸來櫂: 2026雲� 1鞗旊秬韯� 斓滌爛 靹标臣 欤检嫕鞚� 攵勱赴氤� 靷办爼鞚检棎 鞁滌瀾 臧�瓴� 鞚挫儊鞙茧 毵堦皭頃橂┐, 歃濌秾鞚� 氇呺臧�鞐� 頃措嫻 攵勱赴 炜犿彴(氚� 鞐办泊 炜犿彴 韽暔)鞚� 雿旐暅 旮堨暋鞙茧 鞛愲彊 靸來櫂霅╇媹雼�.
鞗愱笀 鞙勴棙: 歃濌秾鞚� 靸來櫂霅橃 鞎婈碃 斓滌 靷办爼鞚检棎 斓滌爛 靹标臣 欤检嫕鞚� 鞁滌瀾 臧�瓴╈潣 60% 氙鸽鞚� 瓴届毎, 韴瀽鞛愲姅 1,000雼煬 脳 靹标臣 瓿勳垬毳� 氚涥矊 霅橃柎 40% 鞚挫儊鞚� 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�. 歃�, 韴瀽鞛愲姅 斓滊寑 100%旯岇 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 鞛堨姷雼堧嫟.
鞁犾毄 氚� 韽夑皜: 鞚� 歃濌秾鞚� GS Finance Corp.鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲鞚措┌, The Goldman Sachs Group, Inc.臧� 鞝勳暋 氍挫“瓯挫爜鞙茧 氤挫頃╇媹雼�. 齑堦赴 鞓堨儊 臧�旃橂姅 氇呺臧� 1,000雼煬雼� 925词955雼煬搿�, 齑堦赴 臧�旃� 頃犾澑瓿� 雮挫灔 靾橃垬耄�(斓滊寑 2.325%鞚� 鞚胳垬 頃犾澑 氚� 於旉皜 韺愲Г 靾橃垬耄�)毳� 氚橃榿頃� 瓴冹瀰雼堧嫟.
- 旮办磮鞛愳偘 靹犾爼: SMCI鞕� MSTR鞚� 鞐偓鞝侅溂搿� 氤�霃欖劚鞚� 韥� 欤检嫕鞙茧, 炜犿彴 歆�旮� 欷戨嫧 氚� 鞗愱笀 靻愳嫟 臧�電レ劚鞚� 雴掛瀰雼堧嫟.
- 鞙犽彊靹�: 瓯半灅靻� 靸侅灔鞚� 鞓堨爼霅橃柎 鞛堨 鞎婌溂氅�, 2彀� 瓯半灅臧� 鞛堨潉 瓴届毎 鞝滍暅鞝侅澊瓿� 鞓堨儊 臧�旃橂炒雼� 雮潃 臧�瓴╈棎 瓯半灅霅� 靾� 鞛堨姷雼堧嫟.
雴掛潃 靾橃澋鞚� 於旉惮頃橁碃 靸侂嫻頃� 欤检嫕 氚� 鞁犾毄 鞙勴棙鞚� 臧愳垬頃� 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愳棎瓴� 毵る牓鞝侅澑 甑“鞚� 靾� 鞛堨溂雮�, 雴掛潃 氤�霃欖劚, 靸侂嫻頃� 靾橃垬耄�, 頃橂癌 鞙勴棙鞚� 瓴绊暕霅橃柎 鞛堨柎 鞁犾頃� 鞙勴棙 韽夑皜臧� 頃勳殧頃╇媹雼�.
Goldman Sachs (GS) commercialise une note structur茅e autocallable 脿 coupon conditionnel li茅e 脿 la performance la plus faible entre les actions ordinaires de Super Micro Computer (SMCI) et MicroStrategy (MSTR). Les titres, d鈥檜ne valeur nominale de 1 000 $, devraient 锚tre prix le 18 juillet 2025, r茅gl茅s le 23 juillet 2025 et arriver 脿 茅ch茅ance le 21 juillet 2028, sauf rappel automatique anticip茅.
Potentiel de revenu : Les investisseurs per莽oivent un coupon conditionnel trimestriel d鈥檃u moins 8,9625 % de la valeur nominale (35,85 % par an) si l鈥檃ctif sous-jacent le plus faible cl么ture 脿 au moins 60 % de son prix initial 脿 la date de calcul pertinente. Une fonction 芦 m茅moire 禄 permet de payer les coupons manqu茅s d猫s que le seuil est atteint.
Remboursement anticip茅 : 脌 partir de janvier 2026, si l鈥檃ction la moins performante cl么ture 脿 son prix initial ou au-dessus lors d鈥檜ne date de calcul trimestrielle, les notes sont automatiquement rappel茅es 脿 la valeur nominale plus le coupon du trimestre (et tout coupon diff茅r茅).
Risque sur le capital : Si la note n鈥檈st pas rappel茅e et que, 脿 la date de calcul finale, l鈥檃ction la moins performante est inf茅rieure 脿 60 % de son prix initial, les investisseurs re莽oivent 1 000 $ 脳 facteur de performance, s鈥檈xposant 脿 une perte potentielle sup茅rieure 脿 40 % et pouvant aller jusqu鈥櫭� 100 % du capital.
Cr茅dit et valorisation : Les notes sont des obligations senior non garanties de GS Finance Corp. et sont garanties de mani猫re pleine et inconditionnelle par The Goldman Sachs Group, Inc. La valeur estim茅e pr茅liminaire est comprise entre 925 $ et 955 $ pour 1 000 $, refl茅tant une d茅cote initiale et des frais int茅gr茅s (d茅cote de souscription jusqu鈥櫭� 2,325 % plus concessions de vente suppl茅mentaires).
- S茅lection des sous-jacents : SMCI et MSTR sont des actions historiquement volatiles, ce qui augmente la probabilit茅 de suspension des coupons et de perte en capital.
- 尝颈辩耻颈诲颈迟茅 : Aucune cotation en bourse n鈥檈st pr茅vue ; les transactions secondaires, le cas 茅ch茅ant, seront limit茅es et pourraient se faire 脿 des prix inf茅rieurs 脿 la valeur estim茅e.
Les investisseurs recherchant un revenu 茅lev茅 et acceptant des risques importants en actions et en cr茅dit pourraient trouver cette structure attrayante ; toutefois, la combinaison de la forte volatilit茅 des sous-jacents, des frais importants et de l鈥檈xposition au risque 脿 la baisse n茅cessite une 茅valuation rigoureuse des risques.
Goldman Sachs (GS) bietet eine autocallable, kontingente Kupon strukturierte Note an, die an die am schlechtesten performende Aktie von Super Micro Computer (SMCI) und MicroStrategy (MSTR) gekoppelt ist. Die auf 1.000 $ lautenden Wertpapiere sollen am 18. Juli 2025 bepreist, am 23. Juli 2025 abgewickelt und am 21. Juli 2028 f盲llig werden, sofern sie nicht vorher automatisch zur眉ckgerufen werden.
Einkommenspotenzial: Anleger erhalten einen viertelj盲hrlichen kontingenten Kupon von mindestens 8,9625 % des Nennwerts (35,85 % p.a.), wenn die am schlechtesten performende Aktie am relevanten Berechnungstag bei mindestens 60 % des Startkurses schlie脽t. Eine 鈥濵emory鈥�-Funktion zahlt zuvor verpasste Kupons nach, sobald die Ausl枚sebedingung erf眉llt ist.
Vorzeitige R眉ckzahlung: Ab Januar 2026 werden die Notes automatisch zum Nennwert plus Kupon f眉r das Quartal (und aufgelaufene Kupons) zur眉ckgerufen, wenn die am schlechtesten performende Aktie an einem viertelj盲hrlichen Berechnungstag auf oder 眉ber dem Startkurs schlie脽t.
Kapitalrisiko: Wird die Note nicht zur眉ckgerufen und schlie脽t die am schlechtesten performende Aktie am letzten Berechnungstag unter 60 % des Startkurses, erhalten Anleger 1.000 $ 脳 Performance-Faktor, wodurch sie einem vollst盲ndigen Abw盲rtsrisiko jenseits des 40 %-Puffers ausgesetzt sind. Investoren tragen somit ein potenzielles Verlustrisiko von mehr als 40 % bis hin zu 100 % des Kapitals.
Kredit & Bewertung: Die Notes sind unbesicherte Seniorverbindlichkeiten der GS Finance Corp. und werden uneingeschr盲nkt von The Goldman Sachs Group, Inc. garantiert. Der vorl盲ufig gesch盲tzte Wert liegt bei 925鈥�955 $ pro 1.000 $, was einen anf盲nglichen Wertabschlag und eingebettete Geb眉hren (Zeichnungsabschlag bis zu 2,325 % plus zus盲tzliche Verkaufsprovisionen) widerspiegelt.
- Auswahl der Basiswerte: SMCI und MSTR sind historisch volatile Aktien, was die Wahrscheinlichkeit von Kuponaussetzungen und Kapitalverlust erh枚ht.
- 尝颈辩耻颈诲颈迟盲迟: Es ist keine B枚rsennotierung geplant; der Sekund盲rhandel wird, falls vorhanden, begrenzt sein und kann unter dem gesch盲tzten Wert erfolgen.
Anleger, die hohe Ertr盲ge suchen und bereit sind, erhebliche Aktien- und Kreditrisiken einzugehen, k枚nnten die Struktur attraktiv finden; die Kombination aus hoher Volatilit盲t der Basiswerte, betr盲chtlichen Geb眉hren und Abw盲rtsrisiko erfordert jedoch eine sorgf盲ltige Risikobewertung.
Free Writing Prospectus pursuant to Rule 433 dated July 8, 2025
Registration Statement No. 333-284538
Tes wil
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Market Linked Securities — Autocallable with Contingent Coupon with Memory Feature and Contingent Downside Principal at Risk Securities Linked to the Lowest Performing of the Common Stock of Super Micro Computer, Inc. and the Class A Common Stock of MicroStrategy Incorporated due July 21, 2028 |
Summary of Terms |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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Underwriting discount: |
up to 2.325% 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 2.325% 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 1.75% 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. |
Market Measures (each referred to as an “underlying stock,” and collectively as the “underlying stocks”): |
the common stock of Super Micro Computer, Inc. (current Bloomberg ticker: “SMCI UW”) and the Class A common stock of MicroStrategy Incorporated (current Bloomberg ticker: “MSTR UW”) |
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Pricing date: |
expected to be July 18, 2025 |
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Issue date: |
expected to be July 23, 2025 |
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Final calculation day: |
expected to be July 18, 2028 |
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Stated maturity date: |
expected to be July 21, 2028 |
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Starting price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the pricing date |
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Ending price: |
with respect to an underlying stock, the stock closing price of such underlying stock on the final calculation day |
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* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% 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. Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to stated maturity and the ending price of the lowest performing underlying stock on the final calculation day is less than its downside threshold price, you will lose more than 40%, and possibly all, of the face amount of your securities at stated maturity. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of any underlying stock, but you will have full downside exposure to the lowest performing underlying stock on the final calculation day if the ending price of that underlying stock is less than its downside threshold price. You should read the accompanying preliminary pricing supplement dated July 8, 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 July 8, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025
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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Performance factor: |
with respect to an underlying stock on any calculation day, the quotient of (i) its stock closing price on such calculation day divided by its starting price (expressed as a percentage) |
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Lowest performing underlying stock: |
for any calculation day, the underlying stock with the lowest performance factor on that calculation day |
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Automatic call: |
If the stock closing price of the lowest performing underlying stock on any call date is greater than or equal to its starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment and any previously unpaid contingent coupon payments. The securities will not be subject to automatic call until the January 2026 calculation day. |
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Downside threshold price: |
with respect to an underlying stock, 60% of its starting price |
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Contingent coupon payment: |
Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $89.625 (equivalent to a contingent coupon rate of at least 35.85% per annum) (set on the pricing date) if, and only if, the stock closing price of the lowest performing underlying stock on the related calculation day is greater than or equal to its coupon threshold price. In addition, if the stock closing price of the lowest performing underlying stock on one or more calculation days is less than its coupon threshold price and, on a subsequent calculation day, the stock closing price of the lowest performing underlying stock is greater than or equal to its coupon threshold price, on the contingent coupon payment date related to such subsequent calculation day you will receive the contingent coupon payment due for that subsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid). |
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Coupon threshold price: |
with respect to an underlying stock, 60% of its starting price |
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Call settlement date: |
the contingent coupon payment date immediately following the applicable call date |
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Calculation days: |
quarterly, on the 18th day of January, April, July and October, commencing October 2025 and ending April 2028, and the final calculation day |
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Call dates: |
each calculation day commencing in January 2026 and ending in April 2028 |
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Contingent coupon payment dates: |
quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date |
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Maturity payment amount (for each $1,000 face amount of your securities): |
• if the ending price of the lowest performing underlying stock on the final calculation day is greater than or equal to its downside threshold price: $1,000; or • if the ending price of the lowest performing underlying stock on the final calculation day is less than its downside threshold price: $1,000 × performance factor of the lowest performing underlying stock on the final calculation day |
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CUSIP: |
40058JMK8 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement |
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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 underlying stock, 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, 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, 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, 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 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 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, 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 Offering Price Of Your Securities ▪ The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ You May Lose Your Entire Investment in the Securities ▪ You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date ▪ Because the Securities Are Linked to the Performance of the Lowest Performing Underlying Stock, You Have a Greater Risk of Receiving No Contingent Coupons and Sustaining a Significant Loss on Your Investment Than If the Securities Were Linked to Just One Underlying Stock ▪ A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stocks, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Prices of the Underlying Stocks and, Potentially, a Significant Loss at Maturity ▪ The Maturity Payment Amount Will Be Based Solely on the Lowest Performing Underlying Stock |
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▪ Your Securities Are Subject to Automatic Redemption ▪ The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Lowest Performing Underlying Stock ▪ The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stocks from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors ▪ We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive Any Underlying Stock Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ The Tax Consequences of an Investment in Your Securities Are Uncertain ▪ 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
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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 underlying stocks, the terms of the securities and certain risks.
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FAQ
What is the coupon rate on Goldman Sachs (GS) autocallable notes linked to SMCI and MSTR?
When can the notes be automatically called?
How much principal protection do investors have?
What is the estimated initial value versus the $1,000 issue price?
Which stocks underlie the GS Market Linked Securities?
What fees are embedded in the offering?
