At a glance
GSJY charges 0.25% a year, below the 0.35% average of the 5 funds most like it (the 4th cheapest of 6). It has $99.0M in assets, the 6th largest of that group; it paid 1.96% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +19.8% with distributions reinvested (S&P 500: +11.5%), 2nd of those 6 funds; over three years it returned +21.6% a year. At its worst it fell 24.7% in the 2020 crash (S&P 500: 33.7%) and 26.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 15 months after the lows. Its ten largest positions make up 28.6% of the fund, out of 158 in all.
The short version
Goldman Sachs ActiveBeta Japan Equity ETF (GSJY) tracks a Goldman Sachs index that starts with the MSCI Japan Index. It then tilts toward stocks that score well on value, momentum, quality and low volatility. Its 0.25% expense ratio is below the 0.35% average of similar Japan funds but above BBJP's 0.19% and FLJP's 0.09%. With about $99 million in net assets as of August 31, 2026, it is the smallest fund in its peer group.
Price history
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GSJY +19.8% 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 | |
|---|---|---|---|---|---|---|
| GSJY official prospectus, to Dec 31, 2024 | — | +9.09% | — | +4.39% | — | +6.74% |
| GSJY price data to Oct 27, 2026 | +18.3% | +19.8% | +21.6% | +10.0% | +9.0% | +9.3% |
- Over the year to Oct 27, 2026, GSJY returned +19.8%, 2nd of 6 among similar funds.
- Its 5-year annualized return was +10.0% and its 10-year +9.0%.
- In the 2020 COVID crash it fell 24.7% and regained its old high 2.8 months after the low.
- Its worst full calendar year was 2022 (-16.1%); its best was 2025 (+26.2%).
- The deepest fall in its price history was 32.5% (Sep 15, 2021 to Oct 14, 2022), recovered by Mar 6, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.3% | — |
| 2025 | +26.2% | — |
| 2024 | +8.9% | +9.09% |
| 2023 | +19.2% | +18.92% |
| 2022 | -16.1% | -15.60% |
| 2021 | +0.4% | +0.60% |
| 2020 | +13.8% | +12.53% |
| 2019 | +18.3% | +18.28% |
| 2018 | -11.5% | -10.52% |
| 2017 | +25.5% | +24.52% |
| 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 21.6% over that stretch · deepest drop along the way 24.7%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.4% over that stretch · deepest drop along the way 26.8%, back to its old high 15.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4100 | |
| 2025 | $0.9300 | +50.0% |
| 2024 | $0.6200 | -16.2% |
| 2023 | $0.7400 | +13.8% |
| 2022 | $0.6500 | +1.6% |
| 2021 | $0.6400 | +42.2% |
| 2020 | $0.4500 | -51.6% |
| 2019 | $0.9300 | -1.1% |
| 2018 | $0.9404 | +63.5% |
| 2017 | $0.5750 |
What's inside
As of Aug 31, 2026, the fund held 158 securities; the ten largest made up 28.56% of assets. It also reported 3.3% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| MITSUBISHI UFJ FINANCIAL GROUP INC | 4.43% | |
| ADVANTEST CORP | 3.56% | |
| TOKYO ELECTRON LTD | 3.05% | |
| TOYOTA MOTOR CORP | 2.93% | |
| HITACHI LTD | 2.74% | |
| RECRUIT HOLDINGS CO LTD | 2.74% | |
| SUMITOMO MITSUI FINANCIAL GROUP INC | 2.67% | |
| SONY GROUP CORP | 2.45% | |
| MIZUHO FINANCIAL GROUP INC | 2.28% | |
| MITSUBISHI CORP | 1.71% | |
| SOFTBANK GROUP CORP | 1.69% | |
| KEYENCE CORP | 1.46% | |
| TOKIO MARINE HOLDINGS INC | 1.44% | |
| MURATA MANUFACTURING COMPANY LTD | 1.34% | |
| KIOXIA HOLDINGS CORP | 1.33% |
By country
Japan 99.77%By asset type
Stocks 99.77%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.62%, +2.42%, +3.27%.
How it works
GSJY tries to match, before fees, the Goldman Sachs ActiveBeta Japan Equity Index. It puts at least 80% of its assets in that index's securities. Goldman Sachs Asset Management builds the index by fixed rules, not by a manager's market calls. The starting point is the MSCI Japan Index, which weights Japanese companies by their market value.
In step one, every stock in the MSCI index gets a score on four "factors." These are traits linked to beating the market: value (low price compared with book value, sales and free cash flow), momentum (a rising share price), quality (profitability) and low volatility (smaller price swings). For each factor, stocks above a fixed cut-off score get more weight than in the MSCI index. Stocks below it get less, down to zero. In step two, the four factor portfolios are blended in equal shares. The index never bets against stocks, and it rebalances every quarter on MSCI's schedule.
The result stays fairly close to the broad market. As of August 31, 2026, the fund held 158 stocks, with 28.6% in its top ten. The largest were Mitsubishi UFJ Financial Group (4.4%), Advantest (3.6%) and Tokyo Electron (3.1%). The fund may hold a sample of the index rather than every stock. It also lends out securities, and its 3.3% cash position is likely collateral from that lending. Portfolio turnover was 23%.
What it really costs
- GSJY charges 0.25% a year, versus an average of 0.35% for the similar funds below (4th of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSJY | $26 | $80 | $141 | $318 |
In a retirement portfolio
It adds Japanese companies to a portfolio for a 0.25% expense ratio, but its price swings are as large as a typical stock fund's.
GSJY could add Japanese companies such as Toyota, Sony and the country's big banks to a portfolio built mostly on US stocks. It has fallen hard in downturns. It launched in 2016, so it has no record from the 2008 crisis. In 2020 it dropped 24.7% in less than a month, then recovered by June 8, 2020. Its deepest fall was 32.5%, from September 2021 to October 2022, and it took 16.7 months to recover. Its worst calendar year was 2022, at −15.6%. Selling shares for cash during a stretch like that would mean selling at low prices. Its returns in dollars also move with the yen.
Income is modest: the yield was 1.96% as of October 27, 2026, paid twice a year. Costs are low. The SEC's standard example puts them at $318 over 10 years on $10,000. 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 Japanese stocks with a rules-based tilt toward value, momentum, quality and low-volatility names, rather than plain market-value weighting.
- Those adding a non-US diversifier who can live with drops like the 32.5% fall from September 2021 to October 2022.
- Holders who don't rely on steady income. The yield was 1.96% as of October 27, 2026, paid twice a year.
Look elsewhere if
- Cost-focused investors: FLJP charges 0.09% and BBJP 0.19%, versus 0.25% for GSJY, and both share most of its holdings.
- Investors who prefer a large fund. GSJY had about $99 million in net assets as of August 31, 2026, the smallest among similar Japan ETFs.
- Those who want broad global diversification in one fund. GSJY held 99.8% Japanese stocks as of August 31, 2026, so it carries single-country and yen risk.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSJY this fund | — | 0.25% | $99.0M | +19.8% | +21.6% |
| EWJ iShares MSCI Japan ETF | 83% | 0.5% | $22.69B | +16.1% | +18.5% |
| BBJP JPMorgan BetaBuilders Japan ETF | 81% | 0.19% | $17.98B | +14.9% | +18.2% |
| FLJP Franklin FTSE Japan ETF | 73% | 0.09% | $3.79B | +18.6% | +21.6% |
| EWJV iShares MSCI Japan Value ETF | 53% | 0.15% | $767.9M | +26.0% | +25.4% |
| FJP First Trust Japan AlphaDEX Fund | 29% | 0.8% | $253.8M | +14.3% | +19.8% |
Questions investors ask
What's the difference between GSJY and EWJ?
Both hold Japanese stocks, and about 83% of their holdings overlap, based on their latest holdings reports. GSJY starts from the MSCI Japan Index, then tilts toward stocks scoring well on value, momentum, quality and low volatility. GSJY charges 0.25% a year, versus 0.50% for the iShares MSCI Japan ETF (EWJ). EWJ is far larger, with about $22.7 billion in net assets as of August 31, 2026, against about $99 million for GSJY.
Is GSJY actively managed?
No. Despite the "ActiveBeta" name, GSJY is an index fund. It tracks the Goldman Sachs ActiveBeta Japan Equity Index, which Goldman Sachs Asset Management builds with fixed rules that tilt the MSCI Japan Index toward four factors. The prospectus says the fund does not use traditional active management based on economic analysis. It generally would not sell a struggling company unless the index drops it. Portfolio turnover was 23%.
Does GSJY pay dividends?
Yes, twice a year. Over the 12 months through October 27, 2026, it paid about $1.07 per share, a yield of 1.96%. The payments come from dividends on its Japanese stocks, so the amount can vary from one payment to the next. Changes in the yen also affect what they are worth in dollars. Investors who want monthly or high income may find this yield modest.
What is GSJY's expense ratio?
GSJY's expense ratio is 0.25% a year, according to its prospectus filed December 29, 2025, and all of it is the management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $26 after one year, $141 after five years and $318 after 10. That is below the 0.35% average for similar Japan funds, but BBJP (0.19%) and FLJP (0.09%) charge less.
How has GSJY performed?
As of December 31, 2024, the prospectus shows average annual returns of 9.09% over one year, 4.39% over five years and 6.74% since the fund's 2016 launch. Based on market prices through October 27, 2026, it returned 19.8% over one year and about 9% a year over 10 years. It gained 26.2% in 2025 but lost 15.6% in 2022, its worst calendar year.