GSLC ETF Explained: Returns, Expense Ratio, Holdings and Alternative ETFs
The Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC) tracks a proprietary index that combines four factors: value, momentum, quality and low volatility. With a low expense ratio and quarterly dividends, it offers smart beta exposure as a core alternative. The differences in fees and strategy versus VOO and IVV are the key selection criteria.
SubscribeWhat Is the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF?
The ETF tracks Goldman Sachs' proprietary ActiveBeta U.S. Large Cap index. It is a multi-factor strategy that combines four factors, value, momentum, quality and low volatility, to add a factor tilt while preserving the shape of the U.S. large-cap market.
It suits long-term investors who want factor-based diversification beyond a simple market-cap-weighted core ETF while still prioritizing a low expense ratio.
The ETF is managed by Goldman Sachs Asset Management using a passive (index-tracking) approach.
How Does the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | Goldman Sachs ActiveBeta U.S. Large Cap Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Quarterly |
| Dividend Frequency | Quarterly |
| Total Expense Ratio | 0.09% |
The ETF tracks a proprietary index that adjusts stock weights by combining scores on four factors, value, momentum, quality and low volatility, across U.S. large-cap stocks. It adds a factor tilt while maintaining the overall shape of the market, and the index is reconstituted and rebalanced quarterly.
- A multi-factor approach combining four factors
- A low expense ratio close to that of core ETFs
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) are $14.6B, and the total expense ratio is 0.09% per year.
Unlike single-factor ETFs, it bundles several factors together to spread out the periods when any one factor underperforms, and its fee gap versus market-cap-weighted core ETFs is relatively small.
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe ETF broadly follows the overall U.S. large-cap market, but depending on its combined factor tilt, performance gaps versus market indexes can appear in certain periods. Relative performance fluctuates with the strength or weakness of each factor.
Fund flows continue in line with demand for low-cost smart beta core alternatives. As preferences for factor strategies shift with market conditions, fund flows can also be affected.
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Pros and Cons
Its strength is that it offers diversified multi-factor exposure at a low fee, while its weakness is the tracking difference versus the market that is inherent to factor strategies.
💪 Key Strengths
⚠️ Points to Watch
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Alternative ETFs and Related Products
The ETFs in the same category shown in the table differ in expense ratio, strategy and issuer. If you want the same U.S. large-cap core exposure at an even lower fee, market-cap-weighted ETFs such as VOO and IVV are direct alternatives. For multi-factor smart beta, other multi-factor ETFs such as VFMF and LRGF are options, and to broaden exposure to the entire U.S. market, VTI can also be considered.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 FTCS | First Trust Capital Strength ETF | $104.31 | +1.7% | $7.9B | 0.53% | 1.1% | +14.2% |
 TILT | Northern Trust Morningstar US Market Factor Tilt ETF | $278.53 | +2.4% | $2.1B | 0.25% | 1.07% | +14.5% |
 BOUT | CapForce IBD Breakout Opportunities ETF | $39.69 | +2.4% | $13.6M | 0.80% | 0.31% | +7.6% |
 GRPZ | Invesco S&P SmallCap 600 GARP ETF | $31.75 | +1.5% | $3.1M | 0.35% | 0.83% | +22.6% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corp | 0.23% | $178.67 | -4.3% | $4.31T | 22.6 | 0.44% |
| AAPL | Apple Inc | 0.20% | $350.69 | +2.4% | $5.10T | 39.1 | 0.33% |
| MSFT | Microsoft Corp | 0.15% | $545.18 | +2.8% | $4.05T | 28.5 | 0.71% |
| AMZN | Amazon.com Inc | 0.04% | $266.93 | +2.9% | $2.89T | 21.6 | - |
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF Investor Checkpoints
Here are the points to review before investing in GSLC. It can serve as a multi-factor core alternative, but it is wise to check in advance the tracking difference versus the market that is inherent to factor strategies, along with costs, top-holding concentration and currency exposure.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative impact over a long holding period | Low |
| 📊 Factor Strategy | Understand the tracking difference versus the market | Needs review |
| 📈 Top-Holding Concentration | Trend in large-cap weighting | Large-cap weighting is heavy |
| 💱 Exchange Rate | Impact on returns converted to won | Unhedged |
Given the nature of a multi-factor strategy, there may be periods when performance diverges from market indexes, and large-cap concentration and exchange rate movements are also sources of short-term volatility. An understanding of factor strategies should come first.
It is worth considering as a core alternative for long-term investors who want diversified multi-factor exposure at a low fee. If you simply want a market-cap-weighted core at low cost, market-cap-weighted ETFs such as VOO and IVV fit better, whereas this ETF suits those who value factor exposure.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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