At a glance
GSEW charges 0.09% a year, below the 0.25% average of the 8 funds most like it (the 2nd cheapest of 9). It has $2.08B in assets, the 2nd largest of that group; it paid 1.38% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.5% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +21.4% a year. At its worst it fell 38.7% in the 2020 crash (S&P 500: 33.7%) and 24.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 17 months after the lows. Its ten largest positions make up 3.1% of the fund, out of 498 in all.
The short version
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) tracks the Solactive US Large Cap Equal Weight Index. The index holds about 500 of the largest U.S. companies and gives each one the same weight, roughly 0.2%, at every rebalance. Its 0.09% expense ratio matches iShares MSCI USA Equal Weighted ETF (EUSA) and is well below the 0.20% charged by Invesco S&P 500 Equal Weight ETF (RSP).
Price history
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GSEW +13.5% 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 | |
|---|---|---|---|---|---|---|
| GSEW official prospectus, to Dec 31, 2024 | — | +16.78% | — | +10.55% | — | +11.00% |
| GSEW price data to Oct 27, 2026 | +14.6% | +13.5% | +21.4% | +8.3% | — | +11.8% |
- Over the year to Oct 27, 2026, GSEW returned +13.5%, 5th of 9 among similar funds.
- Its 5-year annualized return was +8.3%.
- In the 2020 COVID crash it fell 38.7% and regained its old high 6.6 months after the low.
- Its worst full calendar year was 2022 (-17.5%); its best was 2019 (+31.1%).
- The deepest fall in its price history was 38.7% (Feb 19, 2020 to Mar 23, 2020), recovered by Oct 9, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.6% | — |
| 2025 | +12.0% | — |
| 2024 | +16.9% | +16.78% |
| 2023 | +17.8% | +17.62% |
| 2022 | -17.5% | -17.50% |
| 2021 | +25.4% | +25.36% |
| 2020 | +16.3% | +16.17% |
| 2019 | +31.1% | +30.50% |
| 2018 | -8.1% | -7.28% |
| 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 | Lost 38.7% over that stretch · deepest drop along the way 38.7%, back to its old high 6.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.5% over that stretch · deepest drop along the way 24.8%, back to its old high 16.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9600 | |
| 2025 | $1.2900 | +15.2% |
| 2024 | $1.1200 | +1.8% |
| 2023 | $1.1000 | +8.9% |
| 2022 | $1.0100 | +5.2% |
| 2021 | $0.9600 | +9.1% |
| 2020 | $0.8800 | +4.8% |
| 2019 | $0.8400 | +37.7% |
| 2018 | $0.6100 |
What's inside
As of Aug 31, 2026, the fund held 498 securities; the ten largest made up 3.09% of assets.
| Holding | Weight | |
|---|---|---|
| MODERNA INC | 0.49% | |
| Vivmark Residential | 0.38% | |
| ATLASSIAN CORP | 0.34% | |
| CIRCLE INTERNET GROUP INC | 0.30% | |
| STRATEGY INC | 0.27% | |
| SALESFORCE INC | 0.27% | |
| VEEVA SYSTEMS INC | 0.27% | |
| SERVICENOW INC | 0.25% | |
| SPACE EXPLORATION TECHNOLOGIES CORP | 0.25% | |
| COINBASE GLOBAL INC | 0.25% | |
| MARATHON PETROLEUM CORP | 0.25% | |
| TWILIO INC | 0.24% | |
| PHILLIPS 66 | 0.24% | |
| INSMED INC | 0.24% | |
| ROYAL GOLD INC | 0.24% |
By country
United States 93.19%Ireland 2.92%Cayman Islands 0.91%Switzerland 0.77%Netherlands 0.6%By asset type
Stocks 99.75%By sector
Sectors of the companies held, for the 67.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $219.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.80%, +0.34%, +2.63%.
How it works
GSEW is an index fund from Goldman Sachs. It starts with the Solactive US Large Cap Index, which holds about 500 of the largest U.S. companies and weights them by market value (share price times shares outstanding), so the biggest firms carry the most weight. GSEW's index holds the same companies but gives each one an equal slice. As of December 1, 2025, the index had 499 stocks worth between about $12.8 billion and $4.3 trillion each, with an average of about $127.4 billion.
Solactive AG, the index provider, resets the index to equal weights every month. It updates the list of companies twice a year, in May and November, and adds eligible newly listed companies in February and August. Between resets, stocks that rise grow a little larger. As of August 31, 2026, the largest position, Moderna, was 0.49% of assets, and the top 10 together were just 3.09% across 498 holdings. Portfolio turnover was 46%, according to the prospectus.
The fund must keep at least 80% of its assets in index stocks. It may hold a sample of them or close substitutes when buying every stock isn't practical. Because it is passive, it generally won't sell a struggling company unless the index drops it, and it won't move to cash in a falling market. Its August 31, 2026 holdings report showed no derivatives.
What it really costs
- GSEW charges 0.09% a year, versus an average of 0.25% for the similar funds below (2nd of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSEW | $9 | $29 | $51 | $115 |
In a retirement portfolio
It spreads money evenly across about 500 large U.S. companies at a 0.09% expense ratio, so it can serve as a broad stock holding or sit alongside a market-value-weighted index fund.
GSEW is still a full stock fund, and it has fallen hard. In the 2020 COVID crash it dropped 38.7% between February 19 and March 23, 2020, then took about 6.6 months to recover. In the 2022 bear market it fell 24.8% and needed about 16.8 months, until February 22, 2024, to get back to its peak. Its worst calendar year was 2022, at -17.5%. The fund launched in September 2017, so it has no record from the 2008 crisis. Anyone who has to sell shares during a slump like these would lock in the losses.
Income is modest. The trailing yield was 1.38% as of October 27, 2026, paid quarterly. Costs are low: the SEC's standard example puts them at $115 over 10 years on $10,000. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want roughly 500 large U.S. stocks in equal slices; the top 10 held just 3.09% of assets as of August 31, 2026.
- Cost-conscious investors comparing equal-weight funds: its 0.09% expense ratio matches EUSA and is well under RSP's 0.20% and the 0.25% peer average.
- Holders of a market-value-weighted index fund who want more weight in the smaller large companies that the very biggest names would otherwise overshadow.
Look elsewhere if
- Income seekers: the trailing yield was only 1.38% as of October 27, 2026, paid quarterly.
- Those wanting returns driven by the biggest U.S. companies; at each rebalance a $4.3 trillion firm gets the same weight as a $12.8 billion one.
- Anyone who can't tolerate deep drops: it fell 38.7% in early 2020 and 24.8% in 2022, taking 16.8 months to recover from the latter.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSEW this fund | — | 0.09% | $2.08B | +13.5% | +21.4% |
| EUSA iShares MSCI USA Equal Weighted ETF | 85% | 0.09% | $1.93B | +12.3% | +19.6% |
| SIZE iShares MSCI USA Size Factor ETF | 84% | 0.15% | $428.8M | +12.2% | +19.6% |
| RSP Invesco S&P 500® Equal Weight ETF | 79% | 0.2% | $96.47B | +18.9% | +18.3% |
| CFO VictoryShares US 500 Enhanced Volatility Wt… | 71% | 0.37% | $412.4M | +11.2% | +14.9% |
| CFA VictoryShares US 500 Volatility Wtd ETF | 71% | 0.35% | $533.5M | +11.2% | +17.3% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 62% | 0.2% | $32.3M | +15.7% | — |
| IMCB iShares Morningstar Mid-Cap ETF | 60% | 0.04% | $1.66B | +18.7% | +22.2% |
Questions investors ask
What's the difference between GSEW and RSP?
Both give equal weight to large U.S. companies, but they follow different indexes. GSEW tracks the Solactive US Large Cap Equal Weight Index, and RSP follows an equal-weight version of the S&P 500. Their holdings overlap by about 79%. GSEW charges 0.09% a year and RSP charges 0.20%. RSP is far larger, with about $96.5 billion in assets versus GSEW's $2.08 billion. Over three years, GSEW returned 21.4% a year as of October 27, 2026, and RSP returned 20% as of October 29. Over one year, RSP returned 18.7% and GSEW 13.5%.
Does GSEW pay dividends?
Yes. GSEW pays dividends quarterly. Over the 12 months through October 27, 2026, it paid about $1.33 per share, a trailing yield of 1.38%. That income comes from the dividends of the roughly 500 companies it holds, minus the fund's expenses. The yield is modest because many of its holdings pay small dividends or none at all, so the fund is built more for growth than for income.
What is GSEW's expense ratio?
GSEW's expense ratio is 0.09%, according to its prospectus filed December 29, 2025. That works out to about $9 a year on a $10,000 investment. The SEC's standard example, which assumes a 5% annual return, puts total costs at $29 over three years, $51 over five years and $115 over ten years. Similar funds average 0.25%, and the fund ranks 2nd cheapest of 9 in its peer group.
Is GSEW good for retirement?
It may suit retirement savers who want broad, low-cost exposure to large U.S. stocks without leaning heavily on a few giant companies. As of December 31, 2024, it returned 10.55% a year over five years and 11% a year since its 2017 launch. Its risks are those of any stock fund: it fell 17.5% in 2022 and 38.7% in early 2020. With a 1.38% yield as of October 27, 2026, it provides little income on its own.
What are GSEW's top holdings?
As of August 31, 2026, the largest positions were Moderna (0.49%), Vivmark Residential (0.38%), Atlassian (0.34%), Circle Internet Group (0.30%) and Strategy Inc (0.27%). No single stock matters much, because the index resets each company to about 0.2% every month. The top 10 made up only 3.09% of the 498 holdings. The names at the top change often, since they are simply the stocks that rose most after the last reset.