Goldman Sachs JUST U.S. Large Cap Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) tracks the JUST US Large Cap Diversified Index. The index holds the top-ranked half of Russell 1000 companies in each industry, using JUST Capital's annual rankings of how companies treat workers, customers, communities, the environment and shareholders. Its industry weights stay in line with the broad market, so it behaves much like a large-cap index fund. Its 0.20% expense ratio is higher than the 0.12% average for similar funds.

• Over the year to Oct 27, 2026, JUST returned +15.2%, 1st of 9 among similar funds.
• Its 5-year annualized return was +12.3%.
• In the 2020 COVID crash it fell 33.8% and regained its old high 4.7 months after the low.
• Its worst full calendar year was 2022 (-17.9%); its best was 2019 (+31.5%).
• The deepest fall in its price history was 33.8% (Feb 19, 2020 to Mar 23, 2020), recovered by Aug 12, 2020.

As of Aug 31, 2026, the fund held 460 securities; the ten largest made up 40.62% of assets.

By sector

• Over the three months to Aug 31, 2026, investors withdrew a net $5.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.75%, +1.03%, +2.24%.

Every year JUST Capital Foundation, the index provider, ranks the companies in the Russell 1000 Index, a benchmark of large U.S. stocks. The rankings measure how companies handle issues the American public says it cares about, based on survey research. For the rankings published in 2025, those issues were treatment of workers, customers, communities, the environment and shareholders. The index keeps the top-ranked 50% of companies in each industry.

The index is weighted by market capitalization, the total value of a company's shares, so bigger companies get bigger weights. At each annual reconstitution, weights are adjusted so the index's industry mix matches the Russell 1000's. The index is normally rebalanced every quarter. As of December 1, 2025, it held 449 stocks worth between about $1.5 billion and $4.3 trillion. Because of the weighting, the largest positions are familiar names. As of August 31, 2026, they were NVIDIA (8.4%), Apple (7.4%) and Microsoft (6.1%), and the top 10 holdings made up 40.6% of assets.

The fund is passive: it puts at least 80% of its assets in index stocks and may hold a sample when buying every stock isn't practical. It generally doesn't sell a troubled company unless the index drops it. As of August 31, 2026, it held no derivatives. Portfolio turnover was 14%.

• JUST charges 0.2% a year, versus an average of 0.12% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $20 in the first year and $255 over 10 years (assuming a 5% annual return).

It holds about 460 large U.S. stocks with industry weights matched to the Russell 1000, so it can serve as a broad stock-market holding with a values-based screen.

JUST could serve as the main U.S. stock holding in a portfolio, but it falls as hard as the market does. It launched in June 2018, so it has no record from 2008. In the 2020 COVID crash it lost 33.8% between February 19 and March 23, 2020, then took 4.7 months to recover, by August 12, 2020. In 2022 it fell 24.7% from peak to low and needed 14.4 months to recover, by December 13, 2023. Its 2022 calendar-year loss was 17.77%. Someone who has to sell shares or take income during a slump like that may be selling at low prices. Income is small: the yield was 0.93% as of October 27, 2026, paid quarterly. The SEC's standard example puts its cost at $20 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.