At a glance
GBXC charges 0.5% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $9.8M in assets, the 8th largest of that group; it paid 1.0% 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 3 ETF (GBXC) holds the State Street SPDR Portfolio S&P 500 ETF (SPYM) and uses options to reshape returns every three months: holders absorb the first 5% of losses, are cushioned against the next 10%, and give up gains above a cap. Its 0.50% expense ratio is the lowest of eight buffer funds compared, but its one-year return, 1.5% as of October 27, 2026, was the weakest.
Price history
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GBXC +1.5% 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 | |
|---|---|---|---|---|---|---|
| GBXC price data to Oct 27, 2026 | 0.0% | +1.5% | — | — | — | +6.0% |
- Over the year to Oct 27, 2026, GBXC returned +1.5%, 8th of 8 among similar funds.
- The deepest fall in its price history was 7.8% (Mar 3, 2025 to Apr 8, 2025), recovered by May 16, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.0% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Feb 28, 2026, the fund held 1 securities; the ten largest made up 99.94% of assets.
| Fund held | Weight | |
|---|---|---|
| SPDR Series Trust STATE STREET SPDR PORTFOLIO S&P 500 ETF | 99.94% |
By country
United States 99.94%By asset type
Stocks 99.94%What changed recently
- Over the three months to Feb 28, 2026, investors added a net $368K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +1.18%, -1.02%.
How it works
GBXC is a fund of funds: as of February 28, 2026, 99.94% of its assets were in one ETF, the State Street SPDR Portfolio S&P 500 ETF (SPYM), which tracks the S&P 500 Index. It then adds options (contracts giving the right to buy or sell at a set price), including customizable FLEX options and over-the-counter dealer contracts.
The options shape returns over three-month “outcome periods” starting March 1, June 1, September 1 and December 1. Targets are measured on SPYM's share price, excluding dividends. If SPYM falls, holders bear the first 5% of the loss, then the fund aims to buffer the next 10% (losses between 5% and 15%), about 9.88% after fees. Losses beyond 15% pass through until they reach a “deep downside protection” level, beyond which the fund again seeks protection. That level resets each period and generally offers less protection in volatile markets. Gains stop at a cap, reset each period based on the protection's cost.
The buffer and cap fully apply only to investors holding from a period's first day to its last; mid-period buyers or sellers may get less protection or a different upside limit. Fees come out on top. The fund may create and redeem shares mainly for cash, which can make it less tax-efficient than a typical ETF.
What it really costs
- GBXC 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 |
|---|---|---|---|---|
| GBXC | $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
Its options-based buffer aims to limit S&P 500 losses in each three-month period, in exchange for capped gains.
GBXC aims to soften market drops; its one-year volatility (a gauge of price swings) was 5.5% as of October 27, 2026. Launched in February 2025, it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop, 7.8% from March 3 to April 8, 2025, was recouped by May 16, 2025. That drop exceeded the 5% initial loss, a reminder the buffer is designed for full three-month periods. A retiree selling mid-period in a falling market may not get the full cushion, and a slide lasting several periods could stack up repeated 5% initial losses.
Income is modest: a 1% trailing yield as of October 27, 2026, paid once a year. In the SEC's standard example, costs on $10,000 total $51 after one year and $662 after 10 years. Past results don't predict future ones, 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 with a cushion against losses between 5% and 15% in each three-month period, and who accept capped gains.
- Cost-conscious buffer-fund buyers: its 0.50% expense ratio was the lowest of eight buffer funds compared, versus a 0.86% average for the other seven.
- Investors wanting a smoother ride: one-year volatility was 5.5% and beta (sensitivity to market moves) 0.28 as of October 27, 2026.
Look elsewhere if
- Investors wanting full market gains: the cap limits upside, and its 1.5% one-year return trailed all seven similar buffer funds as of October 27, 2026.
- Those wanting a long record or a large fund: launched February 2025, it held $9.75 million on February 28, 2026, the smallest of eight compared.
- Income seekers: its trailing yield was 1% ($0.27 per share) as of October 27, 2026, and it pays out just once a year.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GBXC this fund | 0.5% | $9.8M | +1.5% | — |
| 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
How does the GBXC buffer work?
GBXC uses options to reset its protection every three months, with periods starting March 1, June 1, September 1 and December 1. In each period, holders bear the first 5% of a fall in the share price of SPYM, the S&P 500 ETF it holds, then the fund aims to cushion the next 10% (about 9.88% after fees). Losses past 15% pass through until a deep downside protection level, set each period, kicks in. Gains stop at a cap. Only investors holding for a whole period get the full terms.
Can you lose money in GBXC?
Yes. In each three-month period, shareholders bear the first 5% of losses in SPYM, the S&P 500 ETF it holds, and losses beyond 15% pass through until the deep downside protection level is reached. Because every period starts with a fresh 5% initial loss, a slide lasting several periods can add up. Its deepest drop was 7.8%, from March 3 to April 8, 2025. The buffer isn't guaranteed, and the fund relies on option counterparties meeting their obligations.
What's the difference between GBXC and BUFR?
The clearest differences are cost, size and one-year returns. GBXC charges 0.50% a year versus 0.95% for the FT Vest Laddered Buffer ETF (BUFR). BUFR is far larger, with about $10.5 billion in net assets as of August 31, 2026, against GBXC's $9.75 million as of February 28, 2026. BUFR returned 11.6% over the year to October 27, 2026, versus 1.5% for GBXC. BUFR is a laddered fund, and its buffer and cap terms are worth checking in its prospectus before treating the two as substitutes.
What is GBXC's expense ratio?
GBXC's expense ratio is 0.50% after a 0.03% fee waiver, according to its prospectus filed December 29, 2025. That's below the 0.86% average for seven similar buffer funds, which charged 0.79% to 0.95%. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and a sale at the end of each period, costs total $51 after one year, $167 after three, $293 after five and $662 after 10 years.
Does GBXC pay dividends?
Yes, but only once a year, and the amount is small. GBXC paid $0.27 per share over the trailing year, a yield of about 1% as of October 27, 2026. Its buffer and cap are measured on the share price of SPYM, the S&P 500 ETF it holds, not including dividends. Its stated objective is long-term capital appreciation, not income.