New York - Goldman Sachs Asset Management (GSAM) has launched an ETF seeking to track the Goldman Sachs Hedge Fund VIP Index (the Index), a proprietary index maintained by GSAM.
The Index includes 50 "Very-Important-Positions" - US-listed stocks that most often appear in the top 10 holdings of over 650 hedge fund managers, managing over $700 billion in equity.1 GVIP is priced2 to shareholders at 45 basis points (bps) and will begin trading on the NYSE Arca on November 3, 2016 with $20 million in assets.
"We're thrilled to be able to package these high conviction investment ideas from a broad array of professional investors into a cost effective, tax-efficient and convenient ETF wrapper," said Michael Crinieri, Head of ETF Strategies at GSAM.
1 Source: GS Global Investment Research (GIR) as of September 30, 2016.
2 Source: ETF.com as of September 30, 2016. In seeking to track the Index, the holdings of the GVIP ETF are equal dollar-weighted at each quarterly Index rebalance. The average fee for equal-weighted US ETFs is 52 bps and the average fee for equal-weighted US Large Cap ETFs is 40bps.