Goldman Sachs U.S. Large Cap Buffer 2 ETF

GBXBGoldman SachsEquityBuffer
Expense ratio0.5%
Net assets$5.8M
Holdings1
Yield (TTM)0.79%
1 week0.0%
1 month0.0%
3 months0.0%
6 months0.0%
YTD+1.1%
1 year+1.5%

Total returns with distributions reinvested; * a year. Prices as of Oct 27, 2026 · filings through Nov 30, 2025 · page updated Nov 3, 2026

At a glance

GBXB charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $5.8M in assets, the 8th largest of that group; it paid 0.79% of its price in distributions over the past 12 months, annual. Over the past year it returned +1.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.

The short version

Goldman Sachs U.S. Large Cap Buffer 2 ETF (GBXB) owns the State Street SPDR Portfolio S&P 500 ETF (SPYM) and uses options to cap gains and cushion losses over repeating three-month periods. Holders take the first 5% of each period's loss; a buffer absorbs the next 10%, and extra protection targets extreme drops. It costs 0.50% a year, below seven rival buffer funds, but its 1.5% one-year return to October 27, 2026 trailed them all.

Price history

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GBXB +1.5% over the year to Oct 27, 2026, total return with distributions reinvested.

Prices through Oct 27, 2026. Total return: the price with distributions reinvested.

How it has behaved

Volatility (1 year)4.5%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-2.6%all history: -9.8%
Beta vs S&P 5000.21moves less than the market
Sharpe ratio (1 year)-0.55return above cash per unit of risk
Since launch+4.2%a year over 1.7 years
52-week range$25.86 – $26.84
Last price $26.67 on Oct 27, 2026, 0.6% below the 52-week high · above its 200-day average ($26.66).
YTD1 yr3 yr5 yr10 yrSince start
GBXB price data to Oct 27, 2026+1.1%+1.5%———+4.2%
Multi-year figures are annualized total returns with distributions reinvested. "Official" figures are the SEC-standard returns from the fund's prospectus; the price-data row is computed from daily prices.
  • Over the year to Oct 27, 2026, GBXB returned +1.5%, 8th of 8 among similar funds.
  • The deepest fall in its price history was 9.8% (Feb 19, 2025 to Apr 8, 2025), recovered by Aug 8, 2025.
1%2026*
1%2026*
Calendar-year total returns from price data, distributions reinvested. * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)+1.1%
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

Yield (last 12 months)0.79%distributions ÷ price
Paid in the last 12 months$0.21per share, split-adjusted
How oftenannual 
Latest payment$0.2100Dec 23, 2025

No distribution history is available for this fund.

Distributions through Oct 27, 2026.

What's inside

As of Nov 30, 2025, the fund held 1 securities; the ten largest made up 99.63% of assets.

Fund heldWeight
State Street SPDR Portfolio S&P 500 ETF99.63%

By country

United States 99.63%

By asset type

Stocks 99.63%
Source: N-PORT holdings report as of Nov 30, 2025. Cash, money-market funds and derivatives are shown separately from the securities list.

What changed recently

  • Over the three months to Nov 30, 2025, investors withdrew a net $393.00 (creations minus redemptions, per the N-PORT report).
  • Monthly total returns reported for that quarter: +2.07%, +1.53%, +0.30%.

How it works

Instead of owning stocks directly, GBXB holds another ETF. As of November 30, 2025, 99.63% of its assets sat in the State Street SPDR Portfolio S&P 500 ETF (SPYM), which tracks the S&P 500 index of large U.S. companies. Around that stake, the fund uses options (contracts tied to future price moves) to build a buffer and a cap. These include customizable, exchange-listed FLEX options and over-the-counter contracts with dealers.

The fund works in three-month outcome periods starting February 1, May 1, August 1 and November 1. Over each period, it aims to match SPYM's price return, before fees, up to a cap. Holders absorb the first 5% of any SPYM loss, and the buffer covers the next 10% (about 9.88% after fees). Losses beyond 15% pass through until “deep downside protection” kicks in. That level and the cap are reset each period. Protection is generally lower in volatile markets, and the cap reflects what the protection costs.

The buffer and cap apply fully only to shares held for a whole period. Getting in late or leaving early can mean less cushion or a different cap. The fund may create and redeem shares mainly for cash, which can make it less tax-efficient than a typical ETF. Its dealer contracts also carry counterparty risk: the chance the other side fails to pay.

What it really costs

  • GBXB 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 yr3 yrs5 yrs10 yrs
GBXB$51$167$293$662
SEC standard example: $10,000 invested, 5% annual return, shares sold at the end of each period.

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

RoleDefensive

It aims to give S&P 500 exposure with a cushion against losses between 5% and 15% in each three-month period, in exchange for capped gains.

GBXB launched on January 30, 2025, so it has no full calendar year on record and no history in the 2008, 2020 or 2022 downturns. Its deepest fall was 9.8%, from February 19 to April 8, 2025. It recovered by August 8, four months later. As of October 27, 2026, its beta (sensitivity to the stock market) was 0.21. Smaller swings may help someone raising cash in a slump, but the buffer works fully only over a whole three-month period.

As of October 27, 2026, the yield was a modest 0.79%, paid once a year, and the one-year return of 1.5% trailed all seven peers. Costs are lower: 0.50% a year versus a 0.86% peer average, or $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.

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Who it may suit — and who should look elsewhere

May suit

  • Investors wanting S&P 500 exposure cushioned against losses between 5% and 15% over full three-month periods, who accept capped gains.
  • Cost-focused investors comparing buffer ETFs: its 0.50% expense ratio was the lowest of eight compared, against a 0.86% average for its peers.
  • Those wanting smaller swings: one-year volatility was 4.5% and beta 0.21 as of October 27, 2026, with a 9.8% deepest drop since launch.

Look elsewhere if

  • Investors seeking full stock-market gains: its 1.5% one-year return through October 27, 2026 trailed all seven buffer peers, which returned 9.5% to 12.9%.
  • Those wary of tiny funds: net assets were about $5.85 million as of November 30, 2025, the smallest of eight buffer funds compared.
  • Income seekers: its goal is long-term capital growth, and the trailing yield was 0.79% as of October 27, 2026, paid once a year.

Close alternatives

Matched by other buffer (defined-outcome) funds, largest first.

FundCostNet assets1 yr3 yr
GBXB this fund0.5%$5.8M+1.5%—
BUFR FT Vest Laddered Buffer ETF0.95%$10.49B+11.6%+16.8%
BUFD FT Vest Laddered Deep Buffer ETF0.95%$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 - December0.85%$1.31B+12.9%+18.5%
FJAN FT Vest US Equity Buffer ETF - January0.85%$1.47B+12.3%+17.4%
FFEB FT Vest U.S. Equity Buffer Fund - February0.85%$1.42B+12.9%+18.6%
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.

Questions investors ask

How does the GBXB buffer work?

GBXB cushions SPYM losses between 5% and 15% over each three-month outcome period. Holders absorb the first 5% of a drop, and the buffer covers the next 10% (about 9.88% after fees). Larger losses pass through until a separate “deep downside protection” level takes over; that level is reset each period. In exchange, gains are capped each period. The protection is designed to work fully only for shares held from the first day of a period to the last.

What is GBXB's expense ratio?

GBXB's expense ratio is 0.50% a year, which reflects a 0.03% fee waiver, according to its prospectus filed December 29, 2025. That is the lowest of eight buffer funds compared. The seven peers averaged 0.86%, and FT Vest Laddered Buffer ETF (BUFR) charges 0.95%. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, total costs would be about $51 after one year, $293 after five years and $662 after ten.

GBXB vs BUFR: what's the difference?

Both are buffer ETFs, but GBXB is far cheaper and far smaller. GBXB charges 0.50% a year, versus 0.95% for FT Vest Laddered Buffer ETF (BUFR), the largest fund in its comparison group. BUFR held about $10.5 billion as of August 31, 2026; GBXB held about $5.85 million as of November 30, 2025. Returns diverged sharply: in the year to October 27, 2026, BUFR gained 11.6% and GBXB 1.5%. GBXB resets its buffer and cap every three months on a single S&P 500 ETF.

Is GBXB good for retirement?

GBXB may suit retirees who want S&P 500 exposure with smaller swings, but its record is short. As of October 27, 2026, its one-year volatility was 4.5%, its beta (sensitivity to the market) was 0.21 and its deepest drop since launch was 9.8%. It launched in January 2025, so it has no history in the 2008, 2020 or 2022 downturns. The trade-offs are capped gains, a 1.5% one-year return, a 0.79% yield paid once a year and a very small asset base.

Does GBXB pay dividends?

Yes, but only once a year and not much. In the 12 months to October 27, 2026, it paid about $0.21 per share, a trailing yield of 0.79%. Its stated goal is long-term capital appreciation (growth in value), not income, and its buffer and cap are based on SPYM's share price return. A retiree using it for cash flow would mostly be drawing on share value rather than living on payouts.

Sources

  • 485BPOS prospectus (risk/return XBRL), filed Dec 29, 2025 — SEC EDGAR
  • N-PORT holdings report, filed Jan 27, 2026 — SEC EDGAR
  • Prices: daily prices and distributions through Oct 27, 2026

For education only, not investment advice. Past performance does not predict future results.