Goldman Sachs entered the ETF market nearly 10 years ago, yet two of its most popular products in 2025 are relatively new, both with less than a two-year track record.
The Goldman Sachs ActiveBeta US Large Cap Equity ETF (GSLC ), launched in September 2015, is a $13 billion fund that employs a multifactor smart-beta approach. It selects stocks based on favorable value, momentum, and quality, as well as low-volatility characteristics.
GSLC’s initial appeal was bolstered by its net expense ratio of 0.09%, which matches that of the widely popular SPDR S&P 500 ETF (SPY ). However, GSLC has recently fallen out of favor with some investors due in part to its modest underperformance compared to SPY. Despite more than $3 billion in net outflows over the last three years, it remains the firm’s largest ETF.
Calling on Cashlike Funds
The Goldman Sachs Access Treasury 0-1 Year Treasury ETF (GBIL ) is the firm’s second-largest ETF. This nearly nine-year-old fund manages $6 billion in assets, partly thanks to more than $600 million in net inflows this year. In 2025, there has been industrywide demand for ultra-short Treasury exposure. Advisors and clients sought cashlike funds for their safety amid geopolitical uncertainty.
GBIL’s 0.12% net expense ratio, which is lower than some other popular short-term Treasury bond ETFs, has likely contributed to its appeal.
Latest $1 Billion ETFs Are Less Than 2 Years Old
Goldman launched its first two options-based ETFs in October 2023: the Goldman Sachs S&P 500 Premium Income ETF (GPIX ) and the Goldman Sachs Nasdaq 100 Premium Income ETF (GPIQ ). These ETFs entered what was then a crowded income-generating ETF market led by JPMorgan. Nevertheless, Goldman has demonstrated its ability to compete and build an investor base for these funds.
Last week, GPIX surpassed the $1 billion asset mark, with GPIQ close behind with $987 million. Both ETFs have attracted approximately $600 million in new money in 2025, more than doubling their asset bases. TMX VettaFi joined the Goldman ETF team at Nasdaq to celebrate the duo’s success.
As its name suggests, GPIX offers exposure to the S&P 500 but with enhanced income and lower volatility. By dynamically selling call options, GPIX recently provided an 8.5% trailing 12-month distribution rate. As of June 26, GPIX was up 4.4% year-to-date, compared to 5.0% for SPY.
GPIQ employs a similar active approach to provide exposure to the more growth-oriented Nasdaq 100 Index. It boasts a higher 10.4% trailing 12-month yield, resulting from management’s use of options. GPIQ had risen 6.3% thus far in 2025, while the Invesco QQQ Trust (QQQ ) was up 7.1%. Notably, both GPIQ and GPIX have outperformed their larger options-based JPMorgan peers this year through June 25.
Product Development Is Not Slowing Down
Goldman further expanded its options-based ETF lineup in March 2025 with a suite of buffer ETFs. The Goldman Sachs US Large Cap Buffer 1 ETF (GBXA ), for example, provides downside protection during a three-month period. Marissa Ansell, head of ETF Strategy at Goldman Sachs, joined VettaFi to talk about these funds last week at our symposium.
“We have two downside buffers in place that kick in when the market falls between minus 5% and minus 15%, and then again if it falls minus 25%,” explained Ansell. “We also have a relatively shorter outcome period versus other buffer ETFs in the marketplace.”
Given the momentum of the firm’s equity income suite, I’m excited to track the performance of these new Goldman Sachs products and its product development efforts.
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