GSUS vs JSMD

GSUSAGoldman Sachs MarketBeta U.S. Equity ETF

JSMDDJanus Henderson Small/Mid Cap Growth Alpha ETF

In short

GSUS Goldman's no-frills core: one index covering the largest 85% of the US market by free float, about 400 large and mid caps, at 0.07% net of a waiver through December 29, 2026.

JSMD Since 2016, JSMD has run one quantitative screen on small- and mid-cap growth: roughly 300 names, measured against the Russell 2500 Growth Index, in the tier of companies sitting well below the mega-cap giants.

Stated mandate

GSUS The Fund seeks to track, before fees and expenses, the performance of its underlying U.S. large- and mid-cap equity index.

JSMD JSMD seeks long-term capital growth. It actively and systematically selects small- and mid-cap growth companies using quantitative methods and fundamental research, with portfolio optimization intended to manage risk.

Why people hold it

• GSUS Costs 0.07% net of a waiver through December 29, 2026 (0.09% gross), undercutting Goldman's own GUSA at 0.10% and the Alpha Architect pair, AAEQ and AAUA, at 0.09% each.gs.com
• Nothing clever under the hood: it holds the index's stocks at free-float market-cap weights, and it has tracked that index very closely, among the tightest in its peer group.sec.gov
• A billion-dollar-plus fund that trades in reasonable volume, with a quarterly distribution schedule.

• JSMD A quant model does the picking, backed by fundamental research and portfolio optimization for risk. Active stock selection, run by rules rather than a manager's gut.
• Roughly 300 holdings across small- and mid-cap growth, so no single name carries the fund in a corner of the market where individual stocks swing hard.
• Live since 2016, a multibillion-dollar asset base and steady volume mean the plumbing is well established for a strategy this specialized.
• Lands in the upper half of its peer group on our full review, holding its own alongside plain broad-market trackers like ILCB and GUSA.

Worth knowing

• GSUS The index stops at roughly the largest 85% of US free float, so small caps sit outside it. Not a total-market holding.sec.gov
• The 0.07% sits near the category's typical fee, not at the floor: ILCB charges 0.03% with no waiver attached. And GSUS reverts to 0.09% if its waiver lapses on December 29, 2026.
• Free-float weighting means the biggest US companies dominate the top of the portfolio, by design.sec.gov

• JSMD At 0.30% a year it prices above the 0.20% peer median, and far above bare-bones beta such as ILCB at 0.03%. The screen is what you're paying for.
• Small- and mid-cap growth is one of the choppier lanes in US equities, and a growth-only screen can sit out of favor for long stretches.
• Distributions land quarterly, but the mandate is long-term capital growth; income is a byproduct, not the point.

Full GSUS profile⁠

Full JSMD profile⁠