At a glance
GSUS charges 0.07% a year, below the 0.08% average of the 8 funds most like it (the 7th cheapest of 9). It has $3.33B in assets, the 6th largest of that group; it paid 0.98% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +25.2% a year. At its worst it fell 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 38.3% of the fund, out of 405 in all.
The short version
Goldman Sachs MarketBeta U.S. Equity ETF (GSUS) is an index fund that tracks the Solactive GBS United States Large & Mid Cap Index, which held about 400 large and mid-sized U.S. companies. Its 0.07% expense ratio is lower than SPY's 0.0945%. It is higher than the 0.02% charged by JPMorgan BetaBuilders U.S. Equity ETF (BBUS), which shares about 95% of GSUS's holdings.
Price history
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GSUS +13.1% 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 | |
|---|---|---|---|---|---|---|
| GSUS official prospectus, to Dec 31, 2024 | — | +25.14% | — | — | — | +18.43% |
| GSUS price data to Oct 27, 2026 | +13.6% | +13.1% | +25.2% | +12.4% | — | +14.1% |
- Over the year to Oct 27, 2026, GSUS returned +13.1%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +12.4%.
- Its worst full calendar year was 2022 (-19.8%); its best was 2023 (+27.7%).
- The deepest fall in its price history was 25.6% (Dec 29, 2021 to Oct 12, 2022), recovered by Dec 13, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.6% | — |
| 2025 | +18.1% | — |
| 2024 | +25.2% | +25.14% |
| 2023 | +27.7% | +27.63% |
| 2022 | -19.8% | -19.78% |
| 2021 | — | +27.08% |
| 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 | Lost 25.6% over that stretch · deepest drop along the way 25.6%, back to its old high 14 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7800 | |
| 2025 | $0.9800 | +2.1% |
| 2024 | $0.9600 | +11.6% |
| 2023 | $0.8600 | +8.9% |
| 2022 | $0.7900 |
What's inside
As of Aug 31, 2026, the fund held 405 securities; the ten largest made up 38.33% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA CORP | 7.95% | |
| APPLE INC | 7.01% | |
| MICROSOFT CORP | 5.75% | |
| AMAZON.COM INC | 3.86% | |
| ALPHABET INC Class A | 3.07% | |
| BROADCOM INC | 2.67% | |
| ALPHABET INC Class C | 2.64% | |
| META PLATFORMS INC | 1.95% | |
| TESLA INC | 1.74% | |
| MICRON TECHNOLOGY INC | 1.67% | |
| ELI LILLY & COMPANY | 1.51% | |
| JP MORGAN CHASE & COMPANY | 1.47% | |
| ADVANCED MICRO DEVICES INC | 1.18% | |
| BERKSHIRE HATHAWAY INC | 1.09% | |
| EXXONMOBIL HOLDINGS CORP | 1.03% |
By country
United States 96.93%Ireland 1.92%Switzerland 0.26%United Kingdom 0.16%Curaçao 0.13%By asset type
Stocks 99.71%By sector
Sectors of the companies held, for the 91.7% 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 $120.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.94%, -0.11%, +2.86%.
How it works
GSUS tracks the Solactive GBS United States Large & Mid Cap Index, which Solactive AG owns and calculates. The index aims to cover roughly the largest 85% of the U.S. stock market by free-float market capitalization. That means it counts only shares available to public investors, not stakes held by insiders. As of December 1, 2025, the index held 420 stocks, ranging from about $7.6 billion to $4.3 trillion in market value. Bigger companies get bigger weights.
The fund must keep at least 80% of its assets in index securities, and it tries to match the index weights. When that isn't practical, Goldman Sachs may hold a sample of the index or hold slightly more or less of some stocks. The index is reconstituted, or reset, every quarter in February, May, August and November. Because the fund is passive, it won't sell a struggling company unless the index drops it, and it doesn't make defensive moves in falling markets. Portfolio turnover was 2%.
As of August 31, 2026, the fund held 405 stocks. The top 10 made up 38.33% of assets, led by Nvidia (7.95%), Apple (7.01%) and Microsoft (5.75%). Technology was 36.1%. The fund uses no leverage or options. It held 0.21% in cash and one tiny stock-index futures position.
What it really costs
- GSUS charges 0.07% a year, versus an average of 0.08% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.09% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $113 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSUS | $7 | $27 | $49 | $113 |
In a retirement portfolio
It offers low-cost, broad exposure to about 400 large and mid-sized U.S. stocks, the kind of fund many long-term portfolios are built around.
GSUS could give a retirement portfolio broad U.S. stock exposure for 0.07% a year. In the SEC's standard example, that comes to about $7 in the first year on $10,000. It is not an income fund: its trailing 12-month yield was 0.98% as of October 27, 2026, paid quarterly. The fund launched in May 2020, after the COVID crash, so it has no record for 2008 or 2020. In the 2022 bear market, it fell 25.6% from its December 29, 2021 peak to October 12, 2022. It didn't regain that peak until December 13, 2023, about 14 months after the low. Its worst calendar year was 2022, at -19.78%. Anyone who had to sell shares for spending near that low would have locked in losses. 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 one fund covering about 400 large and mid-sized U.S. stocks for 0.07% a year, less than SPY's 0.0945%.
- Long-term holders comfortable with Nvidia, Apple and Microsoft making up about 21% of assets, as they did on August 31, 2026.
- Investors who can sit through drops like the 25.6% fall in 2022, which the fund didn't fully recover from until December 2023.
Look elsewhere if
- Cost-focused investors: JPMorgan BetaBuilders U.S. Equity ETF (BBUS) charges 0.02% and shares about 95% of GSUS's holdings.
- Retirees looking for meaningful income: the trailing 12-month yield was 0.98% as of October 27, 2026, paid quarterly.
- Those wanting small-company or international stocks, or less tech: the fund holds only large and mid caps, and technology was 36.1%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSUS this fund | — | 0.07% | $3.33B | +13.1% | +25.2% |
| PBUS Invesco MSCI USA ETF | 96% | 0.04% | $11.67B | +13.1% | +24.9% |
| BKLC BNY Mellon US Large Cap Core Equity ETF | 95% | 0% | $5.47B | +13.4% | +25.4% |
| ONOF Global X Adaptive U.S. Risk Management ETF | 95% | 0.39% | $141.7M | +9.4% | +15.9% |
| BBUS JPMorgan BetaBuilders U.S. Equity ETF | 95% | 0.02% | $8.89B | +13.0% | +24.8% |
| VOTE TCW Transform 500 ETF | 95% | 0.05% | $1.10B | +13.5% | +25.2% |
| VV Vanguard Large Cap ETF | 92% | 0.04% | $73.83B | +12.0% | +23.8% |
| USPX Franklin U.S. Equity Index ETF | 91% | 0.03% | $1.98B | +12.9% | +24.9% |
Questions investors ask
What index does GSUS track?
GSUS tracks the Solactive GBS United States Large & Mid Cap Index, which Solactive AG owns and calculates. The index covers roughly the largest 85% of U.S. stock market value. It weights companies by free-float market capitalization, so bigger companies count for more. As of December 1, 2025, it held 420 stocks worth about $7.6 billion to $4.3 trillion each. It is reset every quarter, in February, May, August and November.
What is the GSUS expense ratio?
GSUS's expense ratio is 0.07%, according to its prospectus filed December 29, 2025. That is a 0.09% management fee minus a 0.02-percentage-point fee waiver. The similar funds we compared averaged 0.08%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $7 after one year, $27 after three, $49 after five and $113 after ten. Several close rivals charge less, including BBUS at 0.02% and Vanguard Large Cap ETF (VV) at 0.04%.
What's the difference between GSUS and BBUS?
The main difference is cost. JPMorgan BetaBuilders U.S. Equity ETF (BBUS) charges 0.02%, compared with 0.07% for GSUS, and the two share about 95% of their holdings. Their returns have been close. As of October 27, 2026, GSUS returned 13.1% over one year and 25.2% a year over three years. BBUS returned 13.0% and 24.8%. BBUS is also bigger, with $8.89 billion in net assets as of July 31, 2026, versus $3.33 billion for GSUS as of August 31, 2026.
Does GSUS pay dividends?
Yes, GSUS pays dividends every quarter, but the amounts are small. Over the 12 months to October 27, 2026, it paid about $1.04 per share, a trailing yield of 0.98%. The yield is low because the fund's largest holdings, such as Nvidia, Apple and Microsoft, pay out little of their share price as dividends. People who need steady income from their investments usually look at dividend-focused or bond funds, not a broad market fund like this.
How has GSUS performed since it launched?
GSUS has roughly matched the broad U.S. large-cap market. Its prospectus shows yearly returns of 27.08% in 2021, -19.78% in 2022, 27.63% in 2023 and 25.14% in 2024. From its May 2020 launch through December 31, 2024, it averaged 18.43% a year. Based on share prices, it returned 12.4% a year over the five years to October 27, 2026. Its worst quarter was -16.82%, in the three months ended June 30, 2022.