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Goldman Sachs (GS) has filed a Rule 424(b)(3) prospectus to market Medium-Term Notes, Series F issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The securities are linked to the newly launched S&P 500庐 Futures 40% VT Adaptive Response Index (USD) ER (Bloomberg: SPAR4VE), an excess-return index that began live calculation on 27 Dec 2024.

The index provides daily, rules-based exposure (0-500%) to the S&P 500 Futures Excess Return Index. Leverage adjustments are driven by (i) a 40% volatility target, (ii) a mean-reversion signal, (iii) Federal Open Market Committee (FOMC) timing signals and (iv) turn-of-the-month effects, with a maximum 100% change in leverage per day.

Historical & Hypothetical Performance (to 30 Jun 2025):

• 1-yr return -23.21%; annualized volatility 48.20%
• 3-yr return 14.64%; volatility 41.86%
• 5-yr return 20.98%; volatility 41.61%
• Since 2 Jan 2020 return 13.91%; volatility 42.87%

Comparatively, over the same periods the S&P 500 Index returned 13.63% (1-yr) and 17.91% (3-yr), while the S&P 500 Futures Excess Return Index returned 8.78% (1-yr) and 13.59% (3-yr). The Adaptive Response Index therefore underperformed sharply in the past year but shows stronger multi-year hypothetical results, reflecting its leveraged and signal-driven design.

Key structural and credit considerations include:

• Exposure to the credit risk of GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).
• Estimated value at trade date is less than the issue price.
• Potential for significant losses due to leverage, volatility caps, signal failure and negative roll yields.
• Limited live history; most data are hypothetical and unverified.

The filing reiterates that the securities are not FDIC-insured, carry no equity or futures contract ownership rights, and may be automatically redeemed under certain conditions. Investors should review the extensive risk factors (pages S-4 onward) before committing capital.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering unsecured, senior market-linked notes tied to Reddit, Inc.鈥檚 Class A common stock. The two-year securities (pricing date July 10 2025; maturity July 29 2026) differ from conventional debt in three material ways:

• Contingent Fixed Return: If Reddit鈥檚 ending price is at or above 80 % of its starting price, holders receive face value plus a minimum 46.25 % return (鈮� $462.50 per $1,000). This is the maximum upside; investors do not participate in any further appreciation.
• Contingent Downside: If the ending price falls more than 20 % below the starting price, repayment is reduced 1-for-1 with the decline. Investors can lose up to their entire principal.
• No interim cash flows: The notes pay no coupons or dividends and are designed to be held to maturity; there is no issuer call feature.

Key transactional details include:

• Face amount: $1,000 per note; denominations of $1,000.
• Original offering price: 100 % of face; underwriting discount up to 2.325 % ($23.25) plus up to 0.20 % dealer fee.
• Estimated value on the pricing date: $925鈥�$955 (92.5 %鈥�95.5 % of face), reflecting structuring and distribution costs.
• Threshold price: 80 % of starting price (20 % buffer).
• Calculation day: July 24 2026; Goldman Sachs & Co. LLC acts as calculation agent and market maker (no obligation to provide liquidity).
• Credit exposure: Unsecured obligations of GS Finance Corp. with full guarantee from The Goldman Sachs Group, Inc.; subject to issuer and guarantor credit risk.
• CUSIP: 40058JMJ1; no exchange listing.

Risk highlights disclosed in the supplement:

• Estimated value is below issue price; secondary prices will decline by the disclosed 鈥渁dditional amount鈥� and are expected to trade at a discount.
• Full downside exposure beyond the 20 % threshold.
• Liquidity may be limited; GS&Co. and WFS are not required to maintain a market.
• Tax treatment uncertain; product expected to be treated as a pre-paid derivative contract.
• Reddit share price has limited history and 鈥渆xtreme and unusual volatility,鈥� increasing outcome uncertainty.

The product targets investors comfortable with Reddit equity risk who seek enhanced, but capped, upside relative to the 20 % downside buffer and who can tolerate both issuer credit exposure and potential illiquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7.725 million of Autocallable Contingent Coupon Index-Linked Notes due July 7, 2028. The notes are part of Goldman鈥檚 Series F medium-term note program and reference three equity benchmarks: the Nasdaq-100 Technology Sector Index (NDXT), Russell 2000 Index (RTY) and S&P 500 Index (SPX).

Income mechanics

• Contingent monthly coupon of $9.792 per $1,000 face (0.9792% monthly, up to ~11.75% p.a.).
• Coupon is paid only if the closing level of each index on the observation date is 鈮� 70% of its initial level (the 鈥渃oupon trigger鈥�).

Automatic call feature

• Beginning October 2025, the notes are automatically redeemed at par (plus the related coupon) if, on any call observation date, each index is 鈮� its initial level.
• Early redemption shortens duration but caps total income.

Principal repayment

• If not called, at maturity investors receive:
    鈥� Par, provided every index closes 鈮� 60% of its initial level (鈥渢rigger buffer鈥�).
    鈥� Otherwise, repayment is reduced 1-for-1 with the worst-performing index, potentially to $0.
• No participation in upside beyond par鈥攎aximum redemption is 100% of face plus final coupon.

Key economic terms

• Initial index levels: NDXT 11,647.79; RTY 2,226.377; SPX 6,227.42.
• Coupon/Call observation dates: monthly Aug 2025 鈥� Jul 2028 (see schedule).
• Price: 100% of face; underwriting discount 0.382%; net proceeds 99.618%.
• Estimated value on trade date: not less than par (exact figure not disclosed).

Principal risks highlighted

• Total loss of investment if any index finishes < 60% of start level.
• Coupon is non-guaranteed; investors may receive zero income for the entire term.
• No upside participation; gains in referenced indices above par do not increase payoff.
• Exposure to the credit risk of GS Finance Corp. (issuer) and Goldman Sachs Group (guarantor).
• Limited liquidity; GS &Co. may鈥攂ut is not obliged to鈥攎ake a market.
• Concentration risk: NDXT is tech-heavy; RTY represents small-caps; SPX large-caps.

Tax & distribution

• Sidley Austin LLP opinion: notes treated as income-bearing prepaid derivative contracts; coupons taxed as ordinary income; treatment uncertain.
• GS &Co. (affiliate) acts as underwriter and market-maker, creating a FINRA Rule 5121 conflict of interest.

Investor takeaway: The product targets investors seeking elevated potential income (up to ~11.75% p.a.) and willing to accept significant downside risk, lack of upside participation, issuer credit exposure, and the possibility of receiving no coupons. A 60% buffer offers conditional protection, but below that threshold principal is impaired dollar-for-dollar, potentially to zero.

Insider transaction overview: Cencora, Inc. (NYSE: COR) filed a Form 4 showing that Executive Vice President Elizabeth S. Campbell acquired company stock on 06/30/2025.

• Shares acquired: 45.611 common shares.
• Purchase price: $254.873 per share.
• Total outlay: 鈮� $11.6 thousand.
• Post-transaction ownership: 14,710.141 shares held directly.
• Transaction type: Purchase through the Employee Stock Purchase Plan, exempt under Rule 16b-3(c).

No derivative securities were involved and no additional material events or financial data were disclosed. The purchase represents a routine, small-scale increase (鈮�0.3 % of the executive鈥檚 existing holding) and is unlikely to have a material impact on Cencora鈥檚 valuation, but it does modestly reinforce insider alignment with shareholders.

Globalink Investment Inc. (NASDAQ: GLLIU) filed an 8-K on 3 July 2025 announcing its 25^th deadline extension for completing a de-SPAC transaction. The company deposited $0.15 per public share, or $10,890.15, into its trust account, pushing the business-combination deadline from 9 July 2025 to 9 August 2025.

This is the second of up to six one-month extensions allowed under the SPAC鈥檚 amended charter. The cost of each extension is borne by the sponsor and preserves the trust鈥檚 cash per share for investors. No target has yet been announced, leaving investors reliant on continued extensions or a potential liquidation if a deal is not secured by the final permitted date.

Key details

• Form type: 8-K, Item 2.03 (Direct Financial Obligation).
• Extension payment: $10,890.15 ($0.15 per share).
• New termination date: 9 Aug 2025.
• Total extensions since IPO (Dec 2021): 25 months.
• Exhibit 99.1: Press release describing the extension.

Investor take-away: The additional month preserves the SPAC option value but underscores management鈥檚 prolonged search for a target. Each successive short-term extension increases uncertainty over eventual deal quality and timing.

Deal Overview GS Finance Corp. is issuing Autocallable EURO STOXX 50庐 Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of the Series F medium-term note programme, will price on 28 July 2025, settle on 31 July 2025 and trade under CUSIP 40058JMC6.

Key Economic Terms

• Face amount: $1,000 per note.
• Automatic call: single observation on 28 Jul 2027; if EURO STOXX 50 (SX5E) 鈮� initial level, investors receive $1,150 (115% of face) on 2 Aug 2027 and the note terminates.
• If not called, maturity on 1 Aug 2030. Cash settlement: 鈥� SX5E above initial 鈥� face plus 100% upside participation; 鈥� SX5E at or below initial 鈥� return of face only.
• No periodic coupons; the notes do not bear interest.
• Issuer鈥檚 estimated value on trade date: $885鈥�$915 per $1,000, below the 100% issue price.
• Issue price 100%; underwriting discount 2.2%; net proceeds 97.8%.
• Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; Calculation agent: Goldman Sachs & Co. LLC.

Investor Implications

• Principal is scheduled to be repaid at maturity if the issuer and guarantor meet their obligations.
• Investors can earn a fixed 15% premium after two years if the index is flat-to-up.
• Unlimited upside from 2027-2030 if the note is not called.
• No downside participation, but zero total return if SX5E is flat or down at maturity.
• Secondary values are expected to start 8.5-11.5% below par and depend on Goldman鈥檚 market-making.
• Taxed as a contingent payment debt instrument; holders accrue ordinary income annually based on a comparable yield.

Principal Risks Highlighted

• Credit risk of GS Finance Corp. and the Goldman Sachs Group.
• Early-call risk caps gains at 15% and may shorten the investment horizon.
• No coupon income; opportunity cost versus interest-bearing debt.
• Market value volatility driven by rates, index performance and credit spreads; liquidity not assured.
• Complex tax treatment; potential FATCA/搂871(m) withholding for non-U.S. holders.

JPMorgan Chase Financial Company LLC is offering $3.14 million in Auto Callable Accelerated Barrier Notes maturing 7 July 2028, fully and unconditionally guaranteed by JPMorgan Chase & Co. The notes give investors linked exposure to the Dow Jones Industrial Average (INDU), Nasdaq-100 (NDX) and Russell 2000 (RTY), with payments based on the least-performing index rather than a weighted basket.

Automatic call feature: if, on the single Review Date (6 July 2026), the closing level of each index is at least 90 % of its Initial Value, the notes are redeemed early for $1,163 per $1,000 denomination (16.30 % premium). No further payments are made if called.

Maturity payoff (if not called): 鈥� If every index finishes above its Initial Value on the Observation Date (3 July 2028), investors receive $1,000 plus 1.5 脳 the return of the least-performing index (uncapped). 鈥� If any index ends below its Initial Value but all remain at or above 70 % of their Initial Values (the Barrier), principal is returned. 鈥� If any index closes below the 70 % Barrier, repayment equals $1,000 plus the (negative) return of the least-performing index, producing losses greater than 30 % and up to total principal loss.

Key economics: initial index levels were 44,484.42 (DJIA), 22,641.89 (NDX) and 2,226.377 (RTY); corresponding Barriers are 31,139.094, 15,849.323 and 1,558.4639. Upside leverage factor is 1.50. Issue price is $1,000 with $2.00 selling commissions (0.20 %), leaving $998 to the issuer; estimated fair value is $986.70, highlighting embedded costs.

Risk highlights: unsecured & unsubordinated credit exposure to both JPMorgan Financial and JPMorgan Chase & Co.; no periodic interest or dividends; early call could cap upside and create reinvestment risk; secondary market liquidity depends solely on JPMS and is expected to be limited; tax treatment relies on 鈥渙pen transaction鈥� characterization that the IRS could contest.

The structure suits investors with a moderately bullish to range-bound 1-year view on all three indices, willingness to accept full downside risk below a 30 % buffer, and no need for interim income or liquidity.

Form 4 filing overview: On 07/01/2025, Director Amy Brooks acquired 220 restricted stock units (RSUs) of Block, Inc. (ticker: XYZ) under the company鈥檚 Outside Director Compensation Policy. The RSUs vested immediately and carry a grant price of $0, reflecting a compensation award rather than an open-market purchase. Following the transaction, Brooks now owns 25,963 Class A common shares directly.

No derivative securities were reported, and there were no dispositions. Because the award represents a modest increase (+0.85%) to the director鈥檚 existing holdings and does not involve cash consideration, the transaction is routine and unlikely to influence the company鈥檚 capital structure, liquidity, or market valuation.

Hour Loop, Inc. (HOUR) 鈥� Form 4 filed 3 July 2025

Director Hillary Hui-Chong Bui reported the award of 2,275 shares of common stock on 2 July 2025. The transaction is coded 鈥淎鈥�, indicating a board-approved equity grant made at a cost basis of $0 as compensation for services rendered. Following the grant, Bui鈥檚 direct ownership increased to 19,459 shares, roughly a 13 % rise from her prior holdings. No derivative securities were reported and the filing shows no sales or 10b5-1 plan adoption.

The transaction marginally increases insider alignment but involves a small absolute share count, suggesting limited market impact. Investors may view the grant as routine board compensation rather than a strong signal about the company鈥檚 outlook.