At a glance
GBXA charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $7.7M in assets, the 8th largest of that group; it paid 0.35% of its price in distributions over the past 12 months, annual. Over the past year it returned −3.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Goldman Sachs U.S. Large Cap Buffer 1 ETF (GBXA) holds the State Street SPDR Portfolio S&P 500 ETF (SPYM) and uses options to shape quarterly returns: holders absorb roughly the first 5% of losses, the fund aims to cushion the next 10%, and gains stop at a cap. Its 0.50% expense ratio was the lowest among eight buffer funds compared, but with about $7.7 million in assets (February 28, 2026), it was the smallest.
Price history
The interactive chart needs JavaScript.
GBXA -3.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GBXA price data to Oct 27, 2026 | -4.5% | -3.8% | — | — | — | +2.5% |
- Over the year to Oct 27, 2026, GBXA returned -3.8%, 8th of 8 among similar funds.
- The deepest fall in its price history was 12.3% (Feb 20, 2025 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.5% |
| 2025 | +9.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0900 |
What's inside
As of Feb 28, 2026, the fund held 1 securities; the ten largest made up 99.51% of assets.
| Fund held | Weight | |
|---|---|---|
| SPDR Series Trust STATE STREET SPDR PORTFOLIO S&P 500 ETF | 99.51% |
By country
United States 99.51%By asset type
Stocks 99.51%What changed recently
- Over the three months to Feb 28, 2026, investors withdrew a net $13.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.43%, +0.99%, -0.22%.
How it works
GBXA doesn't pick stocks. It is a fund of funds: as of February 28, 2026, 99.51% of its assets sat in the State Street SPDR Portfolio S&P 500 ETF (SPYM), which tracks the S&P 500 index of large US companies. The rest was cash and four derivative contracts.
The strategy runs in three-month "outcome periods" matching calendar quarters. Each quarter, GBXA aims to deliver SPYM's share price return up to a cap. Holders absorb roughly the first 5% of losses. The buffer aims to absorb the next 10% (losses between 5% and 15%), or about 9.88% after fees, so if SPYM fell 15% over a full quarter, the fund would aim to lose about 5% before fees. Beyond 15%, losses resume until a "deep downside protection" level guards against extreme declines.
The cap, the most GBXA can gain in a quarter, and the deep protection level are reset before each quarter. The cap depends on what the protection costs, and deep protection is generally lower in volatile markets. The fund uses options, including FLEX options (customizable listed options guaranteed by the Options Clearing Corporation) and over-the-counter (privately negotiated) contracts, where the dealer could fail to pay. The targets apply in full only to holders who stay for a whole quarter; entering or exiting mid-quarter can produce different results.
What it really costs
- GBXA charges 0.5% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $662 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GBXA | $51 | $167 | $293 | $662 |
Structure and tax notes
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps S&P 500 exposure through SPYM but uses options to cushion quarterly losses between 5% and 15%, giving up gains above a cap.
GBXA launched on December 30, 2024, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 12.3%, from February 20 to April 8, 2025, and it recovered by July 17, 2025, about 3.3 months later. That drop was deeper than the 5% initial loss, a reminder that the buffer is measured over whole quarters, not day to day. Someone who must cash out partway through a bad quarter may not get its full benefit.
It is not an income fund: the trailing yield was 0.35% as of October 27, 2026, paid once a year. The 0.50% annual expense ratio comes to $51 in the first year and $662 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure through SPYM with losses between 5% and 15% cushioned each quarter, and who accept a cap on gains.
- Cost-conscious buffer-fund investors: its 0.50% expense ratio was the lowest among eight similar funds, against a peer average of 0.86%.
- Investors seeking a smoother ride: over the year to October 27, 2026, it moved about a third as much as the market (beta 0.33).
Look elsewhere if
- Anyone wanting a large, established fund: net assets were about $7.7 million as of February 28, 2026, after roughly $13.4 million in three-month outflows.
- Investors who want protection from the first dollar of losses: holders absorb roughly the first 5% of SPYM's decline each quarter.
- Investors who weigh track record: GBXA returned -3.8% over the year to October 27, 2026, last among eight similar buffer funds.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GBXA this fund | 0.5% | $7.7M | -3.8% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What is the GBXA ETF?
GBXA is Goldman Sachs U.S. Large Cap Buffer 1 ETF, a buffered fund launched on December 30, 2024. As of February 28, 2026, 99.51% of its assets were in one holding, the State Street SPDR Portfolio S&P 500 ETF (SPYM), which tracks the S&P 500. Options layered on top aim to cushion SPYM losses between 5% and 15% each calendar quarter and add deeper protection in extreme drops, in exchange for a cap on gains. Its expense ratio is 0.50%.
Can you lose money in GBXA?
Yes. Each quarter, holders absorb roughly the first 5% of SPYM's losses before the buffer starts, and losses beyond 15% pass through again until the deep downside protection level is reached. The protection applies in full only to investors who hold for an entire quarter, so entering or leaving mid-quarter can change how much cushion they get. GBXA's deepest drop was 12.3%, from February 20 to April 8, 2025, and it returned -3.8% over the year to October 27, 2026.
What's the difference between GBXA and BUFR?
The biggest differences are cost, size and one-year returns. GBXA's expense ratio is 0.50%, while FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026, against about $7.7 million for GBXA as of February 28, 2026. Over the year to October 27, 2026, BUFR returned 11.6% and GBXA -3.8%. Their outcome periods, buffers and caps are worth comparing in each prospectus.
Does GBXA pay dividends?
Yes, but the payout is small and comes once a year. GBXA paid $0.09 per share over the past year, a yield of 0.35% as of October 27, 2026. Its quarterly targets are based on SPYM's share price return rather than total return with dividends, and the fund is built to limit losses and cap gains, not to generate income. Investors who need regular cash flow may find income-focused funds a closer match.
Is GBXA good for retirement?
It can play a defensive role, with clear limits. The buffer aims to cushion SPYM losses between 5% and 15% each quarter, and one-year volatility (how much returns swing) was 5.6% as of October 27, 2026. But the fund only dates from December 30, 2024, so it has no record in 2008, 2020 or 2022. It yields 0.35%, and its assets were about $7.7 million as of February 28, 2026. Very small funds are sometimes closed by their sponsors, which can force an unplanned, possibly taxable, exit.